News
Xchanging now securities transactions service provider for Citibank
21 Sep 2005
In December 2004, Xchanging signed a contract with Citibank Deutschland and since then, a migration project transferred the securities transactions business. „This has been the biggest, fastest and most efficient migration of a customer into our services“, says Thomas Runge, Head of Production at Xchanging. The project of the two partners Xchanging and Citibank has been successfully finished exactly within the right time period and budget. „We have been convinced by the fact that Xchanging primarily focussed on the customer needs instead of offering a fixed, technical platform“, states Berthold Rüsing, Head of Operations at Citibank Deutschland.
Besides Citibank, Xchanging counts Deutsche Bank, the retail bank Sal. Oppenheim and the Sparda Banken-Gruppe among its customers in the banking sector. Xchanging estimates that, as a consequence of the ongoing consolidation in the German securities processing market, costs amounting to 590 million Euro can be saved. This is almost half of the total costs of 1.2 billion Euro.