About six years ago, State Street decided to team up with Interop.io to connect its GlobalLINK suite of platforms. This move was aimed at addressing the issue of legacy systems and embracing the concept of re-use.
Having a bunch of fancy trading platforms can be a double-edged sword. On one hand, it’s great to have all these tools at your disposal. But on the other hand, as time goes by, these old systems start to show their age. It was around 2019 when State Street came to the realization that they needed to do something about their aging platforms, especially as they wanted to expand their range of foreign exchange and cash solutions.
State Street had acquired a number of popular platforms over the years, but many of them were getting up there in years. For example, FX Connect was about to hit the big 3-0, and Fund Connect wasn’t far behind. These platforms had served the bank well, but it was becoming increasingly clear that they needed to modernize and streamline their operations.
Now, I’m not really sure why this matters, but State Street saw an opportunity to leverage Interop.io’s expertise to bring their platforms up to speed. By partnering with Interop.io, State Street was able to create a more cohesive and integrated suite of platforms that could better meet the needs of their clients.
One of the key benefits of this partnership was the ability to re-use existing technology and resources. Instead of starting from scratch with each new platform, State Street could now leverage components and functionalities from their existing platforms to build new solutions more quickly and efficiently.
This re-use mantra not only helped State Street save time and money, but it also allowed them to deliver more innovative and robust solutions to their clients. By taking advantage of the technology and expertise they already had, State Street was able to stay ahead of the curve and remain competitive in the ever-evolving financial services industry.
In the end, State Street’s partnership with Interop.io was a smart move that allowed them to breathe new life into their aging platforms. By embracing the concept of re-use and leveraging their existing resources, State Street was able to build a more modern, integrated, and efficient suite of platforms that better served their clients’ needs.
So, maybe it’s just me, but it seems like State Street made the right call by teaming up with Interop.io. And who knows, maybe other financial institutions will follow suit and embrace the re-use mantra to stay ahead of the game.
