BELLEVUE, Wash. and NEW YORK - Encompys, a recently announced venture formed by Accenture, Advent Software Inc. (NASDAQ: ADVS), Compaq Computer Corporation (NYSE: CPQ), Microsoft Corporation (NASDAQ: MSFT), and The Bank of New York (NYSE: BK), has chosen Onyx Software Corporation (NASDAQ: ONXS) to provide the customer relationship management (CRM) component of its straight-through processing (STP) securities transaction solution. Bolstering Onyx's leadership position in hosted CRM applications, the deal also strengthens Onyx's role as a leading global supplier of CRM solutions for the financial services industry.
Encompys combines the solutions of leading technology providers like Onyx with the resources of select financial services organizations to provide asset managers with a fully integrated end-to-end STP outsourcing solution, all through a dedicated Internet portal. Encompys will incorporate Onyx's XML-based Internet platform and thin-client CRM portal into its Internet-based solution. With the Onyx solutions forming the CRM component of the Encompys solution, Encompys will be able to offer asset managers opportunities to enhance their revenue stream through cross-sell, up-sell, and new service offerings.
"We made a decision to choose only the best partners to power the Encompys solution - partners like Onyx," said James P. Honohan, president of Encompys. "To make our straight-through processing venture viable, we required a scalable, highly-customizable, vertical-ready solution that would allow asset managers to closely track relationships with customers and connect on the back end to the financial services tools required to get the job done. Onyx's leadership in hosted CRM, coupled with more than 50 successful implementations at leading asset management firms worldwide, made them an ideal CRM partner for this venture."
Encompys recognizes Onyx as a key partner in providing its STP solution - a hosted solution that will help eliminate the majority of the manual steps now required to process a trade. The Encompys solution coupled with the Onyx CRM platform will provide a single point of entry for all pre-trade, trade, and post-trade activities. Onyx's platform will facilitate rapid implementation, seamless integration, and effective management of the critical and complex relationships in the asset management industry.
"The need for a hosted straight-through processing solution is clear, as the securities industry moves towards one day trade settlement," said Brent Frei, chief executive officer of Onyx. "Fortunately for asset managers, Encompys recognized this mounting need and began putting the right elements in place to address it. By combining its dedication to superior service and deep industry know-how with Onyx's expertise in hosted CRM applications and the strengths of its investment partners, Encompys is poised to capture a significant share of the market for outsourced financial services applications."
"As an organization based on the Microsoft .NET platform, Encompys was looking for a scalable, reliable, Internet-ready solution optimized on Microsoft's software," said Dean Shold, a Partner in Accenture's Financial Services practice. "Onyx's CRM solution provides a strong base product for asset managers."
"We're excited to work with Onyx to enhance the solutions Encompys will bring to the Asset Management industry," said Bill Hartnett, global director of financial services for Microsoft. "Under our alliance announced in January, Microsoft and Onyx are committed to delivering reliable, scalable CRM solutions that take advantage of the latest Internet standards and help financial services companies achieve maximum business agility. The relationship announced today with Encompys represents a key milestone in that effort."
Straight-Through Processing
STP solutions are needed to help financial markets firms meet the move to one-day trade settlement (T+1), as well as to meet the global demand that has resulted from the explosive growth of online trading. Presently, the entire trade lifecycle, from initiation to settlement, is a complex labyrinth of manual processes, taking several days. STP enables the entire trade process to be conducted electronically without the need for re-keying or manual intervention. When fully realized, STP will provide asset managers, broker/dealers, custodians and other financial services players with tremendous benefits, including greatly shortened processing cycles, reduced risk and lower operating costs.
About Encompys
Founded in 2001, Encompys was created to provide asset managers with a fully integrated, global straight-through processing (STP) solution via the Internet. The company brings together best-of-breed technology, consulting and financial service providers to produce an end-to-end STP solution that incorporates comprehensive customer relationship management (CRM) capabilities. Backed by Accenture, Advent, Compaq, Microsoft and The Bank of New York, Encompys has pulled from the strengths of its strategic partners to provide a single point of entry for all pre-trade, trade and post-trade activities through a dedicated Internet portal while linking portfolio services to CRM. With next-day trade settlement imminent and likely to become a global standard, Encompys offers asset managers an efficient, affordable and lower-risk alternative to building their own STP-compliant systems or integrating separate components internally. Additional information can be obtained via the Web at www.encompys.com.
About Onyx Software
Onyx Software Corp. (NASDAQ: ONXS) is a global supplier of customer-centric e-business enterprise applications that power a company's entire business world, connecting sales, marketing and service organizations with customers and partners. Onyx products deliver the critical functionality needed to attract, acquire and retain partners and customers across all channels and touch points providing the flexibility, reliability and scalability needed to realize a high return on investment and forge a competitive advantage in today's marketplace. Onyx offers the comprehensive mix of technology, strategic services and implementation support to deliver enterprise business value through a branded, seamless customer experience. Onyx customers include American Express, Broadwing, Commerce One, Credit Suisse, Dreyfus, FirstWorld Communications, Portland Trail Blazers, Prudential Investments and Sierra Health Services. Get more information at 888-275-6699, info@onyx.com or www.onyx.com.
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VisiTech Public Relations
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