First European Transfer Agent (FETA)

Headquartered in Luxembourg, FETA was the first service provider in continental Europe to specialize in transfer agency activity, including subscriptions, redemption orders, maintenance of share registers, etc.

Challenge

FETA was unable to support a new business strategy with its current technology infrastructure.

Solution

The company chose to leverage its existing infrastructure and internal expertise, and develp a financial transaction management solution tailored for their specific needs including the support of multiple currencies, languages, and jurisdictions.

Results

• Increased customer satisfaction: FETA's clients and their shareholders now have immediate access to information 24 hours a day.
• Scalability and reliability: FETA's Progress-based system supports 2.2 million accounts, 15 million historic transactions, 37 depository banks, 135 promoters, and 2,500 portfolios a day.
• Flexibility: Leveraging the Progress OpenEdge platform, the IT department has developed 3,000 different applications with 250 users, around 60 databases and 3 million lines of code to fit specific business needs.