The European Central Bank (ECB) needs a treasury management upgrade. Reports on Wednesday (June 1) said the ECB has issued a tender for a new TMS that offers real-time position-keeping, a move the bank described as “mission critical.”
According to reports, the ECB is expected to draw up a short list of five treasury management companies that could fulfill its needs for real-time, integrated services across front, middle and back office processes.
The bank said it hopes to go live with the new system in 2019.
According to officials, securing a contract with the central bank could mean upwards of 1,500 licenses secured by the TMS vendor. The contract would last eight years, reports said. A procurement notice added that any vendors should have at least 100 employees and must provide references.
The bank’s current treasury management platform handles its funds management, its decentralized management of foreign European Central Bank reserves and its asset purchase programs, reports explained.
The ECB’s efforts to upgrade its treasury management tool comes just days after it announced a separate initiative to launch a database aimed at tracking cybercrime at commercial banks. In an announcement, the bank said it hoped to create an “early warning and analysis system” for top financial institutions; the bank oversees 129 major banks in the eurozone.
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