Dutch banking software vendor, Ohpen, is looking to move into the UK asset management market, building off the back of the first live site for its new core banking system. This was Rotterdam-based Robeco, an international asset manager with around €198 billion in assets under management (IBS, October 2013, Case study Robeco).

According to Angelique Schouten, director of business development at Ohpen, the vendor intends to take its core solution to the UK because ‘at the moment there isn’t a core banking platform in that sector that offers high standards of straight-through processing (STP) and online services to end customers.’

Ohpen is now preparing its business processes and the system for the UK market place, ahead of the launch anticipated for the end of this year. The Microsoft.Net-based solution, also called Ohpen, is supplied on a Software-as-a-Service basis and spans savings and investment accounts for mutual funds.

The main adjustments required to the system include adding individual savings account capabilities, as well as specific customer onboarding and re-registration functionality, as the UK has different legislation to the Netherlands, she says. ‘This means we have to make the Ohpen platform modular so that it is applicable to all countries and we will only have to fine-tune the different criteria for each region.’

Schouten describes the asset management industry in the UK as ‘low hanging fruit’ because asset managers ‘tend to have the biggest problems but are a long way behind compared to banks’. She says: ‘If a customer wants to place an investment order, they have to fill in a form, sign it and either fax it across or send it via post. Asset managers do not have automated processes, but rather carry everything out by hand.’

The vendor claims to be talking to ‘quite a few’ potential customers in the UK. Schouten believes other promising markets for Ohpen include France, Germany and the Netherlands.

The company was founded in 2009 and it set about building a new core system from scratch with entirely new code, modern technology and principles. Ohpen now has 60+ staff, the bulk of which originate from BinckBank, the independent Dutch online broker.

Article written by IBS Intelligence.