Saxo Bank Japan is replacing its legal ledger legacy system with Torstone Technology’s Inferno cloud-based solution and has gone live with the first phase of migration.
The bank is making the replacement to support regulatory reporting on the cloud for existing and new equity business. Using Inferno, Saxo Bank Japan is able to reduce operational risk and ensure quick and efficient post-trade reporting processes while achieving compliance with Japan’s regulatory requirements.
Francisco Izawa, CEO at Saxo Bank Japan, says: “By replacing our legal ledger with Inferno, Torstone has provided a foundation to help the bank grow its new equity business while meeting changing regulatory requirements. We look forward to benefitting from greater operational efficiencies in our post-trade reporting processes and eventually adding additional Inferno features in future phases.”
Inferno’s cloud-based infrastructure is modular, facilitating Saxo Bank Japan’s phased migration to a complete middle and back-office solution. It is also scalable and offers continuous upgrades, allowing Torstone to respond to the bank’s changing operational obligations.
Brian Collings, CEO at Torstone, noted the deal as an example of the company’s ‘trusted position in the Japanese market’.