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Tuesday, October 09, 2007

Progenics drives technology with Symbols

Special Report:

Integration of information and communications technology (ICT) tools in every facet of the economy is the dream of every government in this era and working ahead, the management of Progenics Corp Limited, mid last year, announced the enhancement of its top brand, Symbols with a web-based module.

Progenics Corp led by amiable Tony Udoh, said the improvement was a reiteration of its commitment to the deployment of ICT software solutions, particularly in the capital and money market sub-sector of the economy.

Head, Business Development at Progenics, Mr. Tunde Yemi-Daniel, informed that the award winning Symbols is Progenics investment software solution developed indigenously, for both local and international market.

He also said that the enhancement came in form of a distinct module, which is an Internet-based interface that has been structured to work efficiently with Symbols.

According to him, Symbols’ web front-end interface affords users the ability to give their customers access to view the current positions of their investment account online among other features.

He explained that this translates to business with these firms now having remote access to the state of their investments using the Internet.

The module as said by him, enhances the timeliness for investment information by equipping the investor with requisite propensity such as the ability to view current prices of instruments traded on the floor of the exchange, current investment portfolios with the firm, even as they could place orders remotely.

Mr. Yemi-Daniel added that the product offers the viewing of financial transactions carried out on one’s portfolio, list of trades the stockbroker has executed on behalf of a portfolio owner as well as view the current state of certificates lodged with the stockbroker or asset manager.

Other value added services provided by this module, he said, include the online viewing and printing of contract notes and current Central Securities and Clearing System (CSCS) statements, ability of location-based managers, agents and jobbers to transact business on behalf of clients with head office via the Internet.

The new Symbols web module, he stressed, is a prelude to several other enhancements, which will be unveiled very soon by Progenics.

“This application not only meets the requirements of stockbrokerage companies but also goes a step further to satisfy the requirements of investment and asset management firms,” he declared.

Speaking on the evolution that has become Symbols, Managing Director, Progenics Corp Limited, Mr. Udoh, noted that award-winning Nigerian financial software, Symbols, is making inroads into the West African market especially in Ghana where his firm now has dominant presence.

Describing the development as a signal of Symbols acceptance in the country and beyond, Mr. Udoh said, “It is worthy of note that more firms both within and outside the country are expressing interest in Symbols.”

Progenics, which recently celebrated its 10 years in operation, also noted that its clientele has been on the rise. These list which cuts across investment and stock broking entities, include Zenith Securities, IBTC Asset Management, Fidelity Union Securities, Spring Capital, Greenwich Trust, Meristem Securities, UBA Asset Management, to name a few.

Mr. Udoh disclosed that Symbols also has some optional modules consisting of image management, credit management, investment management, Internet-based customer service delivery, fixed asset management and payroll management.

While maintained that technology is key to the growth of every economic sector, especially in the stock exchange environment, he pointed out that the recent launch of the automated cum electronic trading floor of Nigerian Stock Exchange (NSE), in ancient city of Ibadan and Uyo, would further pave the way of growth.

Mr. Udoh pointed out that by the launch of automated trading floors in various parts of the country, technology is assisting in bridging the gap for stakeholders in the capital market sub-sector.

He commended the leadership of NSE for taking giant steps and acknowledgement that technology drives economies.

Progenics, he further said, as the foremost systems integrators for the financial and public sectors, was solely responsible for the complete automation of the aforementioned trading floors.

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