Iccrea Banca has chosen CAD IT solutions to reap the benefits resulting from Target 2 Securities

  • 25 September 2014, 10:10

CAD IT, leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, hereby announces that Iccrea Banca has chosen CAD IT Settlement and Corporate Actions solutions (“EasySet III” and “EasyAction”) in order to adapt its own information technology systems in regard to Target 2 Securities.
Target 2 Securities (T2S) is the new, standardised European platform for the settlement of Eurosistema securities, which will come into effect as of June 2015, causing a profound impact on every subject involved in the market: Banks, Custodians and CSDs.  
Within this particular scenario, Iccrea Banca has opted to adhere to T2S as a direct participant (“Full DCP”- Direct Connectivity Participant) in order to reap the benefits of being able to offer its Clientele new and more complete services.
CAD IT and Iccrea Banca have therefore set up a long-term project which will aim at:i

  • mplementing a data processing platform, based on CAD IT's “EasySet III” and “EasyAction” systems, able to appropriately support Iccrea Banca as a “full DCP” within the new T2S settlement system;
  • making Back Office, custody and collateral operative processes more efficient and adapting them to the international Systems;
  • extending and improving post trade and collateral services towards the bank's customers. 

The project foresees the on-license supply of the above-mentioned platform and relative specialist services required for its integration and start-up, as well as ordinary and developmental maintenance.
The economic incidence on CAD IT revenues will be about 4% for the 2014 financial period and 1% for subsequent years.
Giuseppe Dal Cortivo, President and Managing Director of CAD IT, said: “This project is a strategic reference for our company in terms of international expansion as it will allow us to be one or the first companies in Europe to have a solution able to meet the financial system's new requirements deriving from Target 2 Securities”.

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