Financial giant Stephens Inc. is shifting its transaction processing for its brokerage division to a new system that will provide more real-time efficiency to its client services.
Stephens has contracted with Comprehensive Software Systems, LLC (CSS) – a company it owns – to provide brokerage software systems for processing front-, middle- and back-office securities transactions. The Little Rock-based financial conglomerate has been using CSS’ services for about 3 years.
With this new agreement, CSS is hiring approximately 40 information technology employees from Stephens Inc. to staff the new service bureau.
“The introduction of the CSS service bureau is a watershed event that will rapidly lead to the transformation of the processing capability of the securities industry,” said Mike Landy, President of CSS. “The relational database’s breadth of data and the scalability and reliability of the platform creates the opportunity for CSS to revolutionize mission-critical front- through back-office processing.”
While Stephens is CSS’ first customer, it plans to market to other firms and companies.
“It’s been an exciting time initiating the service offering and working with our new clients planning their conversions for this calendar year” said Landy. “The industry firms we have been speaking with appear to be looking for alternatives."