Strate, the Central Securities Depository and electronic clearing and settlement system for equity transactions, has completed phase two of its migration project from the mainframe and network facilities at the SA Reserve Bank (SARB).
Whereas phase one involved the migration from the SARB`s mainframe to a dedicated mainframe service provided by OutSource, the outsourcing division of PQ Africa, phase two of the migration entailed moving off the SARB`s network infrastructure onto the international Swift network (Society for Worldwide Interbank Financial Telecommunications). The network migration to the Swift Alliance gateway took place over the weekend of 17 and 19 August and was processed seamlessly despite testing time constraints.
The management of the Swift Alliance gateway and related networks forms part of a four-year outsourcing deal recently awarded to PQ Africa by Strate. This agreement aligns itself closely with PQA`s strategy to establish OutSource as the leading outsourcing service provider to the financial and other sectors in SA.
Says Paddy McKinlay, managing director of OutSource: "We are delighted to have contributed to such a successful migration from the SARB to the new OutSource Infrastructure. The fact that PQ Africa also provides outsourcing services to the National Payment System and the JSE Securities Exchange, to which the Strate system interfaces, makes this deal so much more significant and enables PQ Africa to add exceptional value to this sector of its client base."
Monica Singer, Strate`s chief executive, was highly satisfied with the weekend`s activities: "I am thrilled that both the mainframe and network migration have been processed so efficiently. This success is, for the most part, due to the outstanding commitment and professionalism of the greater project team."
Share
Editorial contacts