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.