RealTime IT News

Charles Schwab Adopts Castanet for New App

Marimba, Inc. said Monday that Charles Schwab & Company. Inc has adopted its Castanet technology for a new trading management tool.

The desktop trading system, called Velocity, was designed with Castanet's Internet framework. Schwab will also be able to ensure that investors have current software by using Castanet to frequently and cost-effectively update applications.

Schwab believes Velocity will make a performance improvement over conventional applications that rely solely on the Web. The company expects the improvements will be affected by the customer's ISP connection, Web response times and telephone links.

"With Castanet we have been able to create a client/server application that leverages a conventional ISP Internet connection, while offering the performance benefits of desktop software," said Vincent Phillips, vice president of Web Systems at Charles Schwab."

Due to its dynamic architecture, Velocity may be used by traders offline and updates are provided automatically from the Schwab Web site.

"This offline capability lets traders check their portfolio status and enter trade offers whenever and wherever they want to," said Phillips. "Then, when they're ready, all they do is connect to us and submit their trade orders."

Schwab projects savings because their Castanet-based application is Java-based and platform independent. Maintenance and support costs are minimized.

Schwab online investors transact more than $11 billion in securities through their site and has won many awards for its leadership in technology.

Marimba is a leading provider of Internet-based software management solutions that enable companies to expand their market reach, streamline business processes and strengthen relationships with customers.