Charles Schwab Invests in Vitria Solution
Schwab Institutional, a division of Charles Schwab (San Francisco), has selected Vitria (Mountain View, CA) to help automate its customer response and investment processes. The BusinessWare system delivers a realtime "snapshot" of the ongoing transactions available to Schwab Institutional traders. The mutual fund order processing system enables advisors to respond quickly to customers while maintaining clear safeguards on trading practices. The system also uses Vitria's Business Agiliti business process automation and Velociti enterprise messaging components, which were designed by the inventors of Wall Street's digital trader workstation. The system operates on two of Schwab's previously existing Sun E5000 servers, which link systems and applications found at Schwab's global data center, the National Stock Exchange and investment management sites around the world. With the new system, "we become more accessible to our clients, we cut our cycle times from days to minutes, and we maximize our ability to respond proactively in a world of constant change," said Schwab Institutional VP Pierre Samec. The BusinessWare system "increases the efficiency of our organization as a whole, not just one facet of our operations."