Vontobel is also a transaction bank and is positioned as a global partner. As such, it supports the Raiffeisen Switzerland and its investment clients in trading, administration and management of securities by providing the trading infrastructure required for these activities. Various fees are charged to Raiffeisen for these services. To do the complex calculations required, Vontobel uses the fees management platform called calculo, developed by the company Sowatec.
Vontobel is an internationally-oriented Swiss private bank, founded in 1924 in Zurich.
Akin Altintren is responsible for the Service Center Transaction Banking at Bank Vontobel AG. He took over the technical project management in the implementation of calculo.
In the past, complex Excel spreadsheets were used for the calculation of the invoices. All the data extracted from the core banking system was consolidated according to various criteria. With rising volumes, this process was becoming increasingly timeconsuming and error prone.
A high quality system which doubles as an auditable accounting system with various control options and a process automation tool.
Rule-based fee calculations using calculo, Sowatec’s fees management solution.
Project start: April 2011
Commercial operation: July 2011
Read an excerpt from the interview with Akin Altintren, Head Service Center Transaction Banking, Bank Vontobel AG.
How big is the volume that you manage for Raiffeisen?
We manage approximately 300,000 customer accounts on behalf of the 316 cooperative banks and the main Raiffeisen Bank. Raiffeisen has given us all the data required for the transaction settlements and securities holdings. That makes around 0.5 million stock market transactions and 0.8 million customer accounts per year.
What kind of fees do you manage?
We calculate a total of 60 different types of fees. They are categorized into custodian fees, transaction and counter-charges and fixed fees. We found the calculation of custodian fees has proven to be particularly complex.
Was that due to the elaborate logic of the fees?
There were two reasons: Firstly, we had the quality expectations of Raiffeisen with regard to the precision and detail of the data that we deliver. Secondly, we are dealing with a very elaborate fee structure with different fee models. Our challenge is to be able to respond flexibly to customer requirements.