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Miles Software

Miles Software increased the speed, scalability, and flexibility of its MoneyWare Wealth management system by unleashing the power of XLeratorDB’s financial functions.

Miles Software

In 2009, Miles Software faced a functional challenge within the MoneyWare Product. Their MoneyWare product provided sophisticated reporting for large financial institutions in South Asia but some of its reporting was taking too long. Miles Software was particularly interested in finding an equivalent to the Excel XIRR function that they could seamlessly plug into MoneyWare, which used SQL Server 2005. Not only did it need to reliably produce the same results as the Excel function, but it had to scale up to the millions of cash flows that their customers stored in their SQL Server database.

Miles Software's search led to Westclintech's XLeratorDB. XLeratorDB had been released in 2008 and made innovative use of the SQL CLR technology introduced in SQL Server 2005 to provide a library of financial functions which ran directly on the SQL Server database and which could be called directly using simple SQL statements. This solution fit perfectly into the MoneyWare technical architecture, as described by Dhawal Kamath Senior VP Products for Miles Software

Miles Software's team performed exhaustive testing on the XLeratorDB XIRR function and found that not only did it match the Excel results, in some cases it could calculate returns where Excel would fail to do so. Based upon their rigorous testing, Miles Software was very confident of the results from XLeratorDB. Miles Software said they had a customer who was questioning the results from MoneyWare, but they stepped through the calculations (which were done by XLeratorDB) with the customer and convinced them of the accuracy of the results in MoneyWare.

They also found the performance great – more than capable of handling their client's requirements. Miles Software originally had their own logic for XIRR, but it would either fail when run for large volumes of data or would take far too long to complete. They discovered that XLeratorDB’s XIRR function was much, much faster than their original version. One of their banks had 1.5 million customers and it took too long to complete the XIRR calculations with the bank’s previous system. With MoneyWare integrated with XLeratorDB the calculations ran more than 4 times faster which enabled the bank to make better decisions more quickly. Note, with the latest version of XLeratorDB those calculations could run 100 times faster than that.

One of the other advantages for Miles Software was that once they installed XLeratorDB in SQL Server, the customer only ever used the MoneyWare application. As far as the customer was concerned XLeratorDB was part of MoneyWare.

Miles Software has become a global technology solutions leader in the Wealth, Asset and Portfolio Management space with more than 300 financial services clients across 17 countries who rely on Miles Software’s technology, business expertise and support. Miles Software has continued this success by strategically identifying partners and products who can help improve their MoneyWare system – such as XLeratorDB which fit their needs to a ‘T’.

Miles Software started with the XIRR function, but quickly expanded their use of XLeratorDB and now use a lot of the other functions in the XLeratorDB library, particularly for fixed income calculations including price, yield, and others related to accrued interest. Miles Software has now instructed its development team to first check if there’s an XLeratorDB function for what they need and if so, use it and don’t code their own function. Dhawal says, “the functions are straightforward so we didn’t need any significant training effort for our development team. We love the XLeratorDB documentation since it is very clear and very thorough, especially the examples of how to use the functions.” Using these examples enables the developers to easily ‘copy / paste / edit’ to get the functions working quickly.

Miles Software also appreciates the flexibility that XLeratorDB gave them, including the ability to support many different regional debt structures and financial rules. Many countries in East Asia and Africa have debt structures that differ from those in India. For example, Nigeria uses Actual / 364 day-count convention instead of the standard Actual / 365 or Actual / 360 day-count conventions. With the flexibility of XLeratorDB Miles Software could easily support this in MoneyWare.

With this flexibility, Miles has been able to expand out of India and into Africa, the Middle East and the Gulf as well as into the Asia Pacific region. Their customers include:

  • Cooperative bank of Kenya
  • BRITAM (Kenya)
  • ARM (Nigeria)
  • Motilal Oswal AMC
  • ICICI Bank
  • Kotak Bank
  • State Bank of India
  • First Gulf Bank,
  • National Bank of Oman
  • LandBank of Philippines

Dhawal also added that he was very comfortable outsourcing the financial functions to XLeratorDB, “Westclintech really knows what they’re doing." He was also very impressed with the response time on XLeratorDB support questions – on most occasions Miles Software received the answer to their question within a few hours. The company cited one example where he sent a support email to Westclintech before leaving work for the night, he received an initial response in less than 5 minutes, and XLeratorDB support had fixed the problem by the time Miles Software got home.

Miles Software is extremely happy with their decision to buy XLeratorDB instead of coding their own financial functions and with Westclintech as a strategic partner. Using XLeratorDB has reduced their time to market, compressed their development cycle, and improved the speed and scalability of their Money Ware product.



Featured Client List

XLeratorDB has rapidly built a broad global customer base spanning more than 40 countries and 30 US states, including innovation leaders such as:


Financial Services

Government

Software/Consulting

3Point Asset Management
Access Capital Advisors
Alchemy Capital Management Pvt. Ltd.
AlixPartners LLP
Ally Bank
Alphametric Research, LLC
AEW Capital Management
Alpha Card Services
AMBIT Capital Pvt. Ltd.
American Capital
AnaCap Financial Partners LLP
Annaly Capital Management
Apollo Global Management
AutoCont SK
Avenue Capital
Axis Bank
Babson Capital Management LLC
Bain Capital
Bankers Healthcare Group, Inc.
Barclays Securities India Pvt. Ltd.
BBR Partners
Bessemer Ventures
Birla Sun Life Asset Management
Black Diamond Capital Management
BOCI-Prudential
California Republic Bank
Centerbridge Partners LP
Citigroup (IND)
Cliffwater LLC
Convergence Investment Partners
Crews & Associates, Inc.
DBI Capital Market Services Ltd
Desjardins (CAN)
Eastwood Bank
EBS Asset Management
Ellington Management
Emirates Investment Bank
Enam Securities
Entente Fund Accounting Services
Eton Advisors, LP
Fir Tree
First Gulf Bank
Fred Alger
Fusion Ventures  (case study)
GARANTI BANK SA
GEPL Capital Pvt. Ltd.
Gimv (BEL)
Golden Tree Asset Management LP
Goldman Sachs Securities India Pvt Ltd.
GRAMIT S.A.
Hamilton Lane
Harbourvest Partners, LLC
Harvest Investments
Henderson Global Investors
Henninger Investments
Highland Capital
HighVista Strategies LLC
Horizon Credit Union
Hudson Advisors
Hyuandai Securities
ICICI Bank
IIFL (IND)
IndexUniverse, LLC
Infoweaver Services AB
ING Vysya bank
Jasper Ridge Partners
Javlin Capital
JM Financial Pvt. Ltd.
Karma Capital Advisor Pvt. Ltd.
Keytrade Bank
Killik & Co
Kotak Mahindra Bank Ltd.
L&T Capital Company Ltd.
Landmark Dividend LLC
Landsdowne Partners
Liberties Investments Limited
LPL Financial
Mariner Investment Group
M. B. Commercial Company Limited
Mid Atlantic Capital Group
MidAtlantic Trust
Moneta Group
Morgan Stanley
Morgan Stanley (I) Financial Services
Neue Aargauer Bank
Nilta Corp
Nordea Investment Funds S.A.
North American Savings Bank
Notz & Stucki (CHE)
PanAgora
Postbank
Prescott Securities
Prime Broking Company Ltd.(IND)
Principal PNB Asset Management
Principal Retirement Advisor Pvt.Ltd
Professional Capital Services
Profidebopt, s.r.o.
PT Otto Multiartha
MTAG Services LLC
Oak Hill Investments
Oaktree Capital
Prescott Securities (AUS)
Qatar Development Bank
RDV Corp
Republic Mortgage Home Loans
RMB (ZAF)
Samuel E Ramirez & Co.
Santandar (BEL)
Santandar Consumer Finance Benelux B.V.
SAR Capital Pvt. Ltd.
Sarasin-Alpen (India) Private Limited
Saunderson House Ltd
Savant Capital
SBAB (SWE)
The Sentient Group (AUS)  (case study)
Sequoia Heritage
Sontag Advisory
Sprism Investment Services Pvt. Ltd.
Standard Chartered (IND)
Sunrise Capital Partners
Taom Capial UK Ltd.
Titan Advisors
TPG Credit Management, LP
T. Rowe Price Associates, Inc.
Trustline Holdings
Tufton Oceanic
Turner Acceptance Corp
United Acceptance
Value Prolific Investment and Consulting
Vericrest Financial Inc
Von Braun&Schreiber (DEU)
Watts and Associates
WealthTouch
Wedbush Securites
Westdale Capital
Central Bank of Iceland
City of Toronto (CAN)
DBC Onderhoud (NLD)
Lee County Schools
NSW Cancer Institute (AUS)
PSP Investments (CAN)
Reserve Bank of Fiji
State Teachers Retirement System - Ohio
SPAWAR System Center Atlantic
US Department of the Interior
US Navy

Insurance/Healthcare

Advisory Board Company
Aegis London (GBR)
Aeolus Re (BMU)
Alterra Capital Services
Ameritas
Arch Reinsurance Ltd.
Capital & Coast District Health Board
Cathedral Underwriting Ltd
Child Health Corporation of America
Dr.Foster Intelligence
Goss Re
KaufmanHall
MetLife
Oil Insurance Ltd (BMU)
Oil Management Services
Starr Companies
XL Group
XL Insurance

Energy

Chevron
Consolidatd Edison
SPARQ Solutions Pty Ltd (AUS)
Unit Corporation

Real Estate

CapMan Oyj (FIN)
Helios AMC
iStar Financial  (case study)
Landmark Partners
London & Quadrant (GBR)
Newland Communities  (case study)
Northstar Realty Finance Corp
Townsend Group
Alpha Kinetic (GBR)
AssetLabs
Autocont SK
Bits Software
Cadis EDM (GBR)
CPACINC
Cybercom
DataAgent
Derive Technologoes
Enerpact LLC
EvalSolutions  (case study)
Farsight Consultancy Services
Ferman Automotive Management Services
Fortigent
Genpact
Hewlett Packard India Sales Pvt. Ltd.
Ingram Micro
Kenexa
Milessoft (IND)
ModelLogic
Netage Solutions
Pangea3 Legal Database Systems Pvt. Ltd.
Paylink Payment Plans
Portfolio Pathway
PSD Solutions
Rehfeld Partners A/S
Respec
SAIC
Software Guru
Sterknetwerk BV (NLD)
Supply Chain Strategy Services
Surehits
Tata Consultancy (IND)
Venture Allies
Verde International  (case study)
Via Binary

Other

BlueSun Inc.
CreditMax Auto Group
Firebrand Technologies
GRAINGER
HarperCollins Publishers
Houghton Mifflin Harcourt
The High Companies
Kemper Valve & Fittings Corp
LeahMaya Limited
Optionline
right stuff detailing
West Pak Avocado
West Valley Construction
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