Sell-Side Technology Awards 2023: Best sell-side back-office platform—Torstone Technology

Overview

System fragmentation due to disparate, poorly integrated legacy systems hinders straight-through processing (STP) and access to crucial data, holding firms back in their digitization journeys. Torstone is on a mission to change the way the financial services industry looks at middle- and back-office operations. Shifting from a restricted, siloed legacy environment to an open and agile post-trade, cloud-based infrastructure is compelling from a cost and performance standpoint and achievable with Torstone’s software-as-a-service (SaaS) platform, without disrupting firms’ daily operations.

The solution

The Torstone Post-Trade Platform was built by and for a global investment bank. Its real-time, event-driven, service-oriented architecture provides clients with multi-asset, multi-entity, multi-currency, and multi-discipline capability on a single, integrated platform. Users can automate processes and drive high rates of straight-through processing (STP) with rapid resolution of exceptions. As the Torstone platform is cloud-delivered, clients can reduce their investment in infrastructure and focus on their core business.

Secret sauce

Torstone’s middle office, which delivers real-time, multi-asset allocation and confirmation workflow processing via the cloud, provides an allocation and confirmation workflow. Torstone has also extended its data processing and analytical capability where the data capture and enrichment processes deliver enhanced value. Torstone processes over 100 million daily transactions on AWS.

Recent enhancements

• Extended the modularity of its product architecture for the middle-office functional line, which provides an intuitive user experience through the allocation and confirmation workflow
• Used and reused component technologies like API interfaces, data enrichment processes, and the user interface to deliver rich user functionally
• Extended its data processing and analytical capabilities

Future objectives

Recurring annual revenue increased significantly year on year; 2022 was a good year in terms of growth. 

Why they won

For far too long, capital markets firms’ front and middle offices received the lion’s share of technology and operations budgets as they sought to optimize the functions sitting within those two areas. In recent years, however, that has changed and now the back office is where a lot of the “action” is taking place as firms look to improve the efficiency, accuracy, flexibility and throughput of their post-trade processing, while simultaneously keeping a lid on costs. Torstone’s outstanding Post-Trade Platform wins this category thanks to its real-time, event-driven, service-oriented architecture that provides banks with multi-asset, multi-entity and multi-currency support, all wrapped up in a single application. Is there a better, more complete back-office platform on the market right now?