Product history

The functions listed on the ‘Our main product‘ page, are only representative of the current state of the TRASSET system. Of course, since the development of this product ranges back to almost 20 years.

TRASSET was built based on our experiences with banking treasury systems, In 2003. It was designed to meet the need for business treasury systems. This original purpose is clearly noticeable within the product even today.

There was another major aspect of the initial development – creating a Front Office (FO) functionality to be linked with an existing Back Office (BO) system. As it turned out, the flaws of the given BO system forced us to also create a limit module – after that we just couldn’t leave the remaining gap between the Front and Back Office empty either. Though the existing BO provided the transactions, we developed our completely own BO functionality as well – something we needed to do anyway for the treasury side of the development.

The following projects gave us opportunities to further develop the Front Office functionality of TRASSET, while the Back Office also started to shape into its current form.

We had to be able to contact more and more home banking systems, thanks to the rapidly increasing number of our clients.

Other than the business treasury and asset management clientele, Insurance companies soon realized the need for their own comprehensive systems as well, especially considering the growing number of unit-linked portfolios. Following up on the trend functions for the insurance business were added to TRASSET – for instance distribution of reserves, as well as making the accounting module able to manage the internal and policy holders’ part separately.

As we grew, it became vital to be able to comply with the IFRS/IRS accounting standards for consolidated accounting (this became the standard for many international companies), in accordance with various needs of multiple clients. The accounting module became more and more elaborate, with functions, such as handling lasting devaluation.

We kept adding new transaction types to keep up with the expanding Hungarian financial market: ETF, CFD and their other derivatives were added, as well as leverage management, and so on.

After the millennium a new participant appeared on the local market: the depositaries. On a technical level there was no challenge when it came to them, only the scale changed drastically. As such it became important for the system to be able to automatically generate reports in bulk, and to be able to connect to banking systems. We also added functions supporting corporate actions next to our stock trading functionalities.

We developed our retail module for a European client. It made stock trading possible on a national scale. This meant full functionality on hundreds of workplaces at the same time, with as little as 64 kbp network capacity.

The number of our clients was rapidly increasing, both investment and asset management companies.

2009 brought a giant leap for us to the international stage. We learned about Islamic banking through an international project, which gave us ample opportunities for upgrading the TRASSET system. Commodity trading became possible, while, at the same time tweaks were made to the retail module, making it utilizable for not just for asset management activities, but for comprehensive retail management within the Saud Arabian region.

Around this time, we managed to secure an opportunity to develop the banking treasury system of the national bank of a neighbouring country. Here we also created the national bond issuing/management system for the national treasury (which required such uniquely useful solutions, that most functions added for this project are not even listed on the ‘Our main product’ page). This was the time we met with Ramasoft Kft., utilizing their product, the Varitron system – to this day we often work together, we even directly connected our two systems at multiple clients of ours.

The following years we worked on multiple international projects, through our parent company (while they controlled the projects, we did the development side). We developed a BO asset management system for a Malaysian client, a national debt management system for a client from the Philippines and an insurance system for an Indonesia client.

In 2017 an opportunity raised to implement the retail module for a local client. We built in complete KELER integration into the client account management, we implemented new MNB reports, created the Partner portal (to be exact, we created the interface, while the portal itself was made by IRF). The project was completed in 2018, by the time our client managed to acquire all necessary permits.

During the 2017-2018 period we achieved rapid growth – we secured ten new clients, nine of which are private property funds. It was a logical step to update our property module – this project is ongoing to this day, with a high priority, since we always try to meet our client’s expectations as fast as possible.

Around this time came an opportunity to link our invoicing system (originally made for internal use) to our asset management system (same infrastructure), creating a comprehensive system for any small asset management company, that can meet almost all their initial needs.

This was also the time when we expanded the sell structure of TRASSET. Other than buying the full license of the product, today we also offer a leasing solution. Many of our new clients chose the latter, minimizing their initial investment. In this case we enter a contractual partnership with our client, while providing server capacity, and server maintenance through our subcontractors (through leading expert RackForest and InfoComplex). We can actively participate in the management in the created IT infrastructure (creating backups, updating, etc.), which is encouraged by even MNB, since all critically important activities are handled by experts this way. We can even help out with creating the proper documentation for a starting asset management business.

One of our current priority project is the continuous upgrading of the systems used by our older clients: switching their older 10 and 11 infrastructures to 12.

Of course, we always find time for keeping our system up to date with the current laws and regulations. The new or modified mandatory reports (as per client request) are to be implemented within a month, usually in December, the busiest of months in the banking field. This is no easy task, but we always managed. 😊