Arcontech inks significant deal with tier-one bank client

(Sharecast News) - Arcontech announced a significant deal with an unnamed tier-one bank client for its CityVision platform on Friday.

The AIM-traded firm said the partnership would see the deployment of various essential components to enhance the client's financial market data processing and trading capabilities.

It said the key components being implemented would include the Multi-Vendor Contribution System (MVCS) - a tool that enables market data content creators to contribute to multiple vendors and internal destinations concurrently.

Additionally, the deployment would see the deployment of the Arcontech Cache - a versatile calculations engine facilitating the efficient distribution of vendor feeds like Bloomberg B-PIPE and Refinitiv Real-Time to end users and various other destinations.

Moreover, the agreement would involve using Excelerator - a real-time Excel add-in developed by Arcontech to optimise data consumption and streamline financial instrument pricing and publication.

The board said the collaboration represented a substantial multi-year commitment, with the initial deployment set to take place in New York, with potential expansion into European and Asian markets.

"Discussions commenced as the bank wished to both access and contribute real-time prices to a global market-data vendor, their risk-management platform and other internal systems for which the existing market-data infrastructure was unable to cope with the frequency and volume of updates," said chief executive officer Matthew Jeffs.

"Arcontech was selected as we have tried and tested solutions for both large and small deployments as well as the ability to customise quickly to meet specific client requirements."

Jeffs said the continual development of the company's systems also enabled its clients to meet their resiliency, monitoring, data management, visualisation and reporting needs.

"This win is especially important as it underpins management's expectations for the year whilst reinforcing our optimism in the overall business outlook which is evidencing the re-engagement of prospects interested in securing additional value whilst minimising operational risk."

At 1158 BST, shares in Arcontech Group were up 8.44% at 82.96p.

Reporting by Josh White for Sharecast.com.