Financial Services Firms See Quick Return by Outsourcing Application Development with Exigen® Services

San Francisco, CA – July 10, 2008 – With today’s financial services industry under mounting pressure from customers, regulators and competitors. Firms must streamline current IT infrastructure to bring new services to market quicker. Exigen Services, the leading provider of next-generation application outsourcing, has enabled several major institutions to solve these issues

“IT spend is not the issue, clearly, as the financial industry accounts for more than 50 percent of all IT expenditures worldwide,” said Armin Roth, country manager, Western Europe, Exigen Services. “Intelligent outsourcing is what the industry craves. It needs providers who align contractually, understand the industry and use iterative methods such as Agile to improve IT quality and delivery times.”

Applying these Outsourcing 2.0 principles, Exigen Service recently completed a comprehensive system overhaul for a major financial services firm. Pressured by the current global financial crisis, a global financial services firm needed to shift focus from the large cap to mid cap market to capitalize on prevailing market conditions and fulfill strategic business objectives. The new system would have to support a higher transaction volume, up to 250,000 trades per day at a peak of 60,000 trades per hour, and permit greater product flexibility. If a new system could not be launched in time, the institution would have to let-go thousands of employees.

Exigen Services reengineered the firm’s secondary mortgage processing platform as an open, centralized architecture responsible for linking front office, middle office, and back office processes. The system was designed to seamlessly manage the lifecycle of a trade from capture through to settlement by bringing disparate systems together in a streamlined and integrated process.

When completed, on time and under budget, the new platform supported trade capture, sales ticket matching, position keeping, trade state management, workflow, revisioning and audit, validation of trade through sales matching or checkout, clearance settlement, regulatory and client reporting, figuration, accounting/general ledger, and give up-processing.

For more information about Exigen Services’ financial services industry capabilities, visit www.exigenservices.com. Exigen Services is sponsoring the Forrester Services and Sourcing Forum EMEA 2008 Conference in London on October 23-24. Visit the conference homepage for more information or contact Gennady Galanter at gennady.galanter@exigenservices.com.

For more information contact:
Nate Hubbell / Eric Seymour
March Communications
+1 617 475 1573 / +1 617 475 1564
nate@marchpr.com / eric@marchpr.com

About Exigen Services
Exigen® Services is the leader in Outsourcing 2.0, the next generation of global application outsourcing. The company combines world class skills, recognized expertise in development methodologies, and industry experience to reduce risks, lower costs and deliver results. Coupled with commercial terms that optimize financial alignment, Exigen Services makes IT outsourcing a much easier and beneficial undertaking for global enterprises. Since 2000, Exigen Services has pioneered the use of distributed Agile methods for rapid and precise systems development throughout the financial (banking, insurance and brokerage markets), health care, telecommunications, government and media industries. Clients range from Fortune 500 organizations to mid-sized growth companies including CSC, Universal Music Group, Standard & Poor’s, T-Mobile, AXA, Westpac Bank and many others. For more information, visit www.exigenservices.com.

This release was published on openPR.