LONDON, December 1, 2015 /PRNewswire/ --
London-based Axlacor, the financial technology specialist developer, today announces a major breakthrough in blockchain technology that enables the creation of secure universal order, trade booking and settlement systems capable of processing millions of transactions a second.
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This development is in direct response to an increasing need among banks and financial institutions to operate far more efficient, cost effective and integrated IT systems than at present. The Axlacor team has a proven track record of working within investment banks replacing legacy IT systems with more universal and cost effective solutions.
Axlacor's NEON[TM] is an innovative system enabling banks and other financial institutions to replace current internal booking systems, their post-trade and detailed compliance requirements in a format capable of being fully integrated into other existing IT operations.
A major focus of NEON[TM] is on new and existing techniques to analyse and detect rogue traders within a bank. Michael Kunstel, founder and CEO of Axlacor says:
"We believe that if an integrated system like NEON[TM] was in place years ago the Libor scandal would not have occurred. NEON[TM] gives users the ability to process literally millions of transactions and trades every second but it also allows wide, but secure, access to the system that would enable compliance departments and regulators instant analytics. This can ensure 'rogue traders' activities are flagged up extremely quickly - both internally and externally."
Kunstel was formerly the architect and team leader of pre-trade, post-trade and transaction cost analysis systems at a major international bank. He also designed and built a global FX option risk system for another bank. The Axlacor team comprises individuals with deep knowledge of investment banking and their IT systems. With further experience in compliance and regulatory requirements, the team at Axlacor understands the business logic and fine detailed requirements of modern banking systems.
NEON[TM] provides the following features:
Axlacor is focused on the replacement of multiple redundant legacy systems with a single package utilising the latest technology. It is estimated the potential costs savings of the scheme could run into the hundreds of millions of dollars.
Today's world is all about reducing costs and risks within a bank. Many financial institutions have identified their IT departments as just cost centres and are therefore outsourcing most IT services abroad to lower skilled and cheaper regions.
Axlacor employs the best highly skilled banking IT specialists available in Europe. "Banks can reduce costs and still have the best experienced local staff by utilizing economies of scale," says Kunstel.
Axlacor aims to form a consortium of banks to assist in building standardized, common replacement systems. NEON[TM] allows banks to focus their budgets on being competitive in their primary business.
Contact:
Michael Kunstel, CEO Axlacor.
Tel: +44(0)20-8123-4619
info@axlacor.com
Baron Phillips, Baron Phillips Associates.
Tel: +44(0)7767-444193
baron@baronphillipsassociates.com
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