Ascent launches financial software in Jersey

The new cash management software, branded under Trident CMS and developed by local company Ascent Software, was recently launched in the Channel Islands. The solution is designed around the specific needs of financial service providers, enabling new revenue streams and reducing the risks related to being associated with a single bank.

Trident CMS was launched earlier this year and has already been deployed through clients on the island of Jersey. In fact, the cash management software is the only recognised solution in the Channel Islands that offers a standalone cash-pooling engine that meets the stringent compliance regulations of the jurisdiction.

"After we launched Trident CMS, we were overwhelmed with the attention the solution received. The software proved to be the ideal platform for financial service providers wishing to venture into cash pooling and treasury services as it instantly gave them the flexibility to retain their current systems and work processes," says Joseph Sultana, Managing Director of Trident CMS.

Trident CMS is a turnkey pooling and treasury software tool, designed to allow financial service companies to manage a pooled fund distributed across multiple financial entities. Trident CMS works with the advantages of scale - using large pooled funds to improve client yields - yet still retaining the required flexibility on an individual account level.

Importantly, Trident CMS segregates the client funds to the point where a daily interest accrual can be broken down into its constituent deposits, as a portion of the pool. In other words, the interest gained can easily be attributed back to individual accounts, on a deposit tiering basis.

The ability to easily generate client statements, when pooled cash assets are distributed across multiple institutions, simplifies account management. Trident CMS thus caters for clear, detailed individual account performance.

"After only a couple of months on the market, Trident CMS secured two clients of significant value. This required Trident CMS to be taken through its paces and tested heavily for compliancy and safety, both of which it passed with flying colours," continues Mr Sultana.

Meanwhile, Nigel Syvret of Jersey Trust Company (JTC), a client of Trident CMS, commented on the cash pooling and treasury services software solution. "After reviewing alternative products, we selected Trident CMS as our software solution based on its focused approach to cash pooling, its ease of use and overall robustness. We are more than satisfied that we have made the right choice. Trident CMS and the team behind it have delivered what they promised".

The Maltese company, Ascent Software, has strengthened its position as a leading software solution provider for financial companies in Europe.

"In order to meet the requirements of this market, our team had to work hard to understand the complexities of this business so as to deliver a system that a trust company can rely on completely. Our talented team excelled and delivered exactly what was needed for our clients, proving that Malta has the right quality individuals much sought after today," says Dr John Abela, CTO of Ascent Software.

"Trident CMS is not only a win for Ascent Software, but also for Malta. We have seen Malta's importance in the financial scene grow significantly, with many financial entities looking to Malta as a viable destination for operation. We are proud to be part of the strides taken for the Island to be recognised as a high value financial jurisdiction", adds Mr Sultana.

Trident CMS, together with Ascent Software, will be exhibiting at the FinanceMalta Annual Conference this year.