CAD IT acquires its first important customer in Switzerland

CAD IT announces signing a contract with Cornèr Banca SA, a Swiss private bank, for the sale of its "Finance Area web 2.0" software platform, thus entering into the Swiss market.

CAD IT, leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, announces having signed an important contract for the sale of its "Finance Area web 2.0" software platform to the Cornèr Banca Group.

Cornèr Banca SA is a Swiss private bank, headquartered in Lugano, and represents CAD IT's first reference on this market.

Cornèr Banca has decided to purchase the entire "Finance Area web 2.0" front-to-back suite. In fact, the new release offers total automation, cross asset and cross business, of every process relating to the management of financial instruments, from front office (cash-desk functions, trading desk, order management, know your customer) to back office (position keeping, settlement, custody, corporate actions, repo and collateral).

Thanks to heavy investment in Research and Development and its own network of highly specialised customers, CAD IT is able to guarantee, through its own application suite "Finance Area web 2.0" constant functional, technological and regulatory evolution thus ensuring its customers the chance to focus their efforts and investments on increasing revenues rather than on the development of regulatory adjustments.

“Finance Area web 2.0” will provide Cornèr Banca with the total management of large volumes of data in real time, supporting multi-channel, multi-browser, multi-language, multi-currency and multi-bank configuration. This high level of complexity is typical of a banking group like Cornèr Banca, which includes extremely variable and articulate needs.

Being based on Java technology, “Finance Area web 2.0” has a model that guarantees total independence from the technological platform, from the Operating System, the Application Server and database, ensuring, at the same time, high availability and scalability. In the case of Cornèr Banca, a configuration onto Linux systems with Oracle database has been chosen.
The project, which will terminate on 31st December 2016, foresees the user-licence supply of the afore-mentioned platform and the relative specialised services required for its integration and start-up, as well as the relative maintenance service.

The importance of this contract goes beyond the impact on revenues (about 3% in 2015) as it represents CAD IT’s entry in a new market. Following Italy, Germany, England, Czech Republic and Luxembourg, “Finance Area” will be also used in Switzerland, opening up further growth opportunities for CAD IT Group.

Giuseppe Dal Cortivo, Chairman and Managing Director of the CAD IT Group, said: “The fact that Cornèr Banca SA has chosen us is further confirmation of the uniqueness of our solutions on the market and represents an important step towards fulfilling our international growth objectives which we continue to strive for. Our aim is to create value, together with our customers, thus minimising the impact deriving from the cost of constantly adjusting to the regulations and enabling them to focus on generating further revenues by taking advantage of innovative technologies like, for example, multi-channelling for the digital banking."