Ameritrade, one of the largest online self-clearing brokerage service organisations in the US, is relying on InterSystems` Cach'e database to guarantee its customers a 10-second speed-of-execution response time on transactions.
In 1994 Ameritrade was one of the first brokers to go online and in February of that year it opened 19 000 new accounts online in a single day. Today the company has accounts for 1.8 million customers and processes an average daily volume of 88 000 trades.
"Our focus is to provide investors with choice and customisation to better define and reach their financial goals," says Jim Ditmore, Ameritrade`s CIO. "Through our client segmentation strategy, the use of innovative technology, good execution and a strong brand, we have grown significantly and evolved into the present corporate structure."
Customers and clients receive constantly updated stock information and news reports via a number of channels: the Web; an IVR (interactive voice response) telephone system; from brokers; Sprint PCS Wireless Web; and Palm VII or Palm V organisers.
Users get real-time quotes, customisable charts, market summaries and research tools, including company profiles and earning estimates. The Internet link, fed by the Cach'e database, provides financial reports from the news services and users can also select the delivery method: e-mail, alphanumeric pager, or e-mail-enabled cellphones and PDAs.
"Any vendor we work with must be a leader in its field, have a good product and support team, and know how to help customers solve problems," says Ditmore. "InterSystems meets those criteria. It understand the requirements of Web-based applications and has helped us to solve many of our problems."
Ditmore says the online brokerage market is highly competitive and new features need to be added as quickly as possible. Online customers are notoriously fickle and Ameritrade has made its mark by bringing in innovations and new features ahead of competitors.
When Ameritrade implemented Cach'e the company needed a highly scalable solution that would allow rapid application changes and the ability to quickly redeploy these.
"Because we do not have to worry about the Cach'e application scaling, our staff can focus on enhancing the application rather than adjusting the database, setting the stage for the rapid introduction of new features and services," says Ditmore.
"Cach'e is a fusion of object and relational technology," says Henry Adams, country manager for InterSystems South Africa, the supplier of Cach'e. "Its scripting methods allow business rules to be processed directly in the database engine, negating the need for powerful Web servers that perform all the processing. This means client applications are less complex and can be redesigned far quicker to suit the changing needs of the business and its customers. They can also be deployed far quicker and are less resource intensive."
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