Head office: CMA Small Systems AB, P.O. Box 6463, Hälsingegatan 40, S-113 82 Stockholm, Sweden Tel: +46 8 566 30 800 Other offices: Paris, Moscow, Montreal Website:
www.smallsystems.cma.se Twitter: @CMASmallSystems Contact: Oleg Kojevnikov Tel: +46 708 839 889 Email:
oleg.kojevnikov@cma.se Founded: 1989 Ownership: Privately owned by Swedish individuals Number of staff: 100 Number of clients: 37 central banks, 1500+ commercial banks, depositories and stock exchanges. Partners: CIS, Cisco, Grape City, HP, IBM, Imtac, Ingenosya, Intel, Microsoft, Mushko, Oracle, Parasoft, Praweda, S&T, Sinam, Swift, Symantec Payments products: RTS/X, BCS/X, DEPO/X, IFTS/X, TMS/X
Background
CMA was established in 1989 and has Russian origins. Development of PIE commenced in early 1999, when CMA realised that many customers had integration needs in terms of linking their own systems internally as well as linking to external systems. So, PIE was developed as a generic solution to allow users to replace programming with a configurable EAI solution. It is based on Windows, COM and DCOM, with support for XML.
PIE includes a Swift adaptor, with the supplier claiming support for all message formats, as well as support for the FIX standards. PIE would typically reside with a traditional transport layer such as IBM’s MQSeries or Microsoft’s MSMQ. There is a business logic layer, transport layer and systems management module. Users can define process flows via a GUl-based interface which is compatible with the Unified Modelling Language. It uses memory-based processing for improved performance in a trading environment. The list of PIE users in the commercial bank sector in Russia includes large Russian and foreign banks. CMA’s first product installation was for the Moscow
Interbank Currency Exchange (Micex) in 1995, and it then started a project at the central bank of Russia, although this was subsequently abandoned. So its first completed central bank project came at the central bank of Macedonia, which went live with CMA’s RTGS product in 2001. Since then, according to Oleg Kojevnikov, business development executive at the vendor, CMA has picked up an average of two or three new central banking customers a year. CMA has about 30 customers in all now, most of which use RTS/X, the RTGS system. A smaller number user BCS/X and DEPO/X. The customers are across Africa, the Middle East, Eastern and South Eastern Europe and Central Asia. The vendor has made progress in South America, with the central banks of Chile, Paraguay and Uruguay, and Asia Pacific, with the central banks of Malaysia and Indonesia. Banks in Western
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Europe and the US are not likely targets for CMA because of the existence of proprietary systems. Countries that join the EU and the Euro must also join Target2, the joint gross clearing system of the Euro area, making CMA’s products unnecessary. The competition to CMA comes from a small pool of providers, including CGI/Logica, Montran Corporation, SIA Perago and BCSIS.
CMA’s largest customer by number of payments is the
central bank of Serbia, which oversees over 50 banks and processes over one million payments per day. The central bank of Serbia uses CMA’s RTGS system plus a bulk payments clearing system. This project took place over five months in 2003, and an upgrade project happened in 2009 to allow clearing of payments in Euros. Its largest by volume is the central bank of Oman, which uses a version of CMA’s RTGS system. CMA claims to be the first supplier to have produced
a hybrid low and high value payments solution, and also claims to have more central bank references than any of its direct competitors, having overtaken Montran. This includes having replaced Montran as the provider at the central bank of Mauritius, which since 2009 has used CMA’s RTGS as the central hub of the national payments system. CMA operates on a licensing model. It
also offers
implementation services, customisation and maintenance. It releases upgrades each year for its products, which are made available for free to the user base. Users do not all have identical systems, however. Which upgrades they want is up to them. It has added collateral management offsetting, centralised pools for liquidity management and a new payment gateway based on web technology. The company has also distributed and supplied third party banking systems and corporate information systems including Infosys’ core banking system, Finacle, and Wall Street Systems’ treasury solutions. It was involved in Finacle implementation projects at Alliance Bank in Kazakhstan and Nadra Bank in the Ukraine, both of which were shelved.
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company details
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