Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Dyer & Blair Invest KES210m to Upgrade IT system

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Kenya: Press Releases: Dyer & Blair Invest KES210m to Upgrade IT system

Thursday, 11 June 2009

Wednesday, 10 June 2009: Dyer & Blair Investment Bank has entered into partnership with Oracle Financial Services (formerly Iflex) of India to provide a trading platform with back-office capabilities.

The information technology system, that will both serve as trading and financial system, will cost a total of KES210m (USD2.7m) to implement, Dyer & Blair Investment Bank Chairman Jimnah Mbaru said. “It will be a breakthrough for investors to enjoy a superior system and Dyer and Blair Investment Bank to leverage and enjoy a step-ahead of competition on technology deployment for business,” he said.

The system is expected to go live on 31 August 31 2009 with inclusion of Uganda Securities Exchange and Nairobi Stock Exchange (NSE). The system, Flexcube, is a multi-currency and multi-exchange system enabling Dyer and Blair Investment Bank regional and Africa service distribution to be served in a centralised system in Nairobi. “Through the internet, Dyer & Blair Investment Bank will offer online trading facilities to the diaspora and local clients who may wish to be served in the comfort of either their offices or homes,” said Mbaru.

The main gain will be the first entrance to NSE of a trading platform that has the capability to trade real-time with their requests going to the trading floor and getting executed as the client watches on the internet window provided to them. The investor has to however deposit trading funds in their own account at the bank prior to trading.

“The choice of Oracle platform is based on its standards for maximum flexibility and interoperability. The investor quest for better transparency in business operations, adaptive business processes, and a superior ownership experience has driven the investment bank to adapt to international standards. On this platform Dyer and Blair has another first,” he added.

The IT system has the capabilities to enable real time trading at NSE, supports online capabilities; supports compliance with regulators and core-banking module. It will also allow equity trading, corporate finance, knowledge repository; fixed income; give alerts as configured on text messages (SMS); exception handling; transfer outside the exchange through depository and allow money transfer. The system implements a conscious framework dealing with system controls; risk assessment; and information and communication monitoring.

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