Oesterreichische Nationalbank (OeNB), the apex bank of Austria, has completed the deployment of SimCorp’s Dimension system as part of its transformation drive to support its monetary policy.

The investment management software solution has been deployed across the front, middle and back office operations of the OeNB.

The new solution will allow OeNB to support its monetary policy and manage investment activities, including collateral management and foreign exchange.

Besides improving the operational efficiency, the solution is expected to reduce the bank’s total cost of ownership by replacing costly, ageing legacy platform and numerous obsolete best-of-breed solutions.

OeNBs director of treasury department Franz Partsch said: “Going live with SimCorp Dimension has enabled us to automate much of the investment process and provide better analytics to support investment decisions.

“By overhauling and consolidating our investment operations, we’ve already seen numerous benefits from leaner processes, less manual workarounds, and reduced costs.”

OeNBs director of IT and customer service department Christoph Martinek said: “Replacing our treasury software landscape was a vital part of our modernisation programme. We aimed to phase out our mainframe infrastructure and to use modern, user-friendly software running on widely used operating systems instead. Moreover, a concerted data set for all business areas is a clear advantage compared to the landscape we used until recently.”

Apart from the Austrian central bank, SimCorp Dimension has also been deployed by the Central Bank of Trinidad and Tobago and the Central Bank of Thailand.