State Street Bank opt for labs.STAR
Implementation planned for 2015
State Street Bank GmbH with headquaters in Munich have opted for the implementation of labs.STAR, the tax and dividend reporting solution by Lupus alpha Business Solutions GmbH.
Since 2005 State Street have been using SimCorp Dimension (SCD) as their fund accounting system. State Street offer an extensive range of services to their clients, including fund administration and reporting services. By implementing labs.STAR, the entire process of creating tax reports will be optimised significantly. The direct interface between labs.STAR and SCD will enable an automatic transfer of all relevant data from one system to the other.
Within the process of selecting a suitable system State Street focused on the level of automisation of the new solution. Another essential requirement was the confirmability and security of executed calculations. labs.STAR has regulations integrated within the software, based on which legal requirements set by investment laws can be implemented into the system in a timely manner.
The completion of the implementation project and launch of production with labs.STAR at State Street are planned for this year.