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IBS Journal published an article about cooperation between Mindware and Nasdaq OMX


Nasdaq OMX builds portfolio management system with Mindware

Nasdaq OMX in Estonia is in the process of developing a new portfolio management system, named Portfolio 3000, with assistance from Mindware, a local core banking system vendor. The first stage of building the system was finished in July 2011 and the first clients have now been signed, although their identities have not been shared. Mindware is jointly responsible for the development and implementation of the solution and it will also support marketing activities outside of Estonia, says Rando Pärna, sales and export manager at Mindware. According to Pille Parikas, head of fund services, Nasdaq OMX already offers order management systems, a fund unit register service, and other products for investment funds, but Portfolio 3000 will be 'a new service offering for us'. 

 Nasdaq OMX looked at current offerings available and its conclusion was that 'to find systems with the flexibility and price range that would be suitable for small and mid-size fund management companies in the Baltics and other small markets is difficult', Parikas states. Nasdaq OMX decided to work with Mindware based on the latter's experience in the country, working with banks such as Danske Bank and SEB. 

 The system is split into five modules, which are an accounting engine, reporting, compliance, user maintenance and audit trail. It can manage transactions of different types including equities, fixed incomes, corporate actions, deposits, loans and foreign exchange transactions. The system can be used in-house or to provide web-based services to different fund management companies.

Separately, Eurex Capital, an Estonian currency exchange company, signed with Mindware at the end of 2011 to implement the Mind-xQ core banking offering. Mihkel Rõuk, CEO of Eurex, says that Eurex is looking to offer new payments services which its previous system did not support, as it was specifically developed solely for currency exchange and cash management. Eurex took six months to choose Mindware, rejecting other third party suppliers as well as the possibility of building a system in-house, says Rõuk. Of Mindware, he states that ’our first impression of its banking system is that it has all the basic functions to start banking services and it’s easy to develop according to our specific needs’. The system is intended to cover account management, cash management, payments, accounting and reporting, price list management and currency exchange. Rõuk expects the implementation to last six months.

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