Euroclear, a financial services corporation managed and owned by its users, specialises in the settlement of security transactions, including bonds, equities, derivatives, and investment funds. Headquartered in Brussels, Euroclear operates globally with offices in countries such as France, Belgium, Ireland, Finland, and Sweden. It also owns EMXco, the UK's provider of investment-fund order routing, and is currently in the process of acquiring Xtraker, the owner of the TRAX trade matching system, pending regulatory approval. In London, Euroclear faced the challenge of managing hundreds of keys spread across multiple floors.
At both of its London sites, Euroclear dealt with significant difficulties in tracking key usage. The previous system lacked the functionality to perform comprehensive key audits quickly and had issues tracing misplaced keys. The new solution needed to be implemented within a strict budget and timeline while addressing these security concerns.
Introduction of Morse Watchmans
To address these challenges, Morse Watchmans introduced its KeyWatcher® Key Control System in Euroclear's London offices. This solution was customised to log each key's access history, detailing the user, along with the date and time of checkout and return. Each employee receives a unique authorisation code, drastically reducing the possibility of misplaced keys and eliminating unauthorised key removal.
Euroclear has implemented seven KeyWatcher® systems across its London offices
The KeyWatcher® system integrates with the KeyPro® Performance Software, a user-friendly PC application that provides real-time updates on the status and history of keys. This software allows for the creation of detailed activity reports, which can trace key movements by date, authorisation code, or biometric data. Built from sturdy metal, the system doesn't require outdated lock boxes or unreliable manual checks.
Implementation and usage in Euroclear
Euroclear has implemented seven KeyWatcher® systems across its London offices, managing over a hundred user accounts and hundreds of keys efficiently. These systems, equipped with fingerprint access control, are monitored and controlled by a central computer. Euroclear can now effectively track authorised key usage 24/7, with each key user having access only to those they need for their specific roles. The KeyPro® Software continually assists in generating usability reports and alerts.
The introduction of the KeyWatcher® significantly mitigates the risk of unauthorised key withdrawals. The KeyPro® Software ensures immediate notifications to managers of any potential security issues, providing a complete audit trail at the push of a button, saving both time and resources. Additionally, PowerCheck technology enhances officer efficiency by allowing instant incident reports, ensuring continuous security and reassurance for staff and visitors.
The Euroclear group are a user-owned and governed financial services company that specialise in the settlement of security transactions. Euroclear settles domestic and international security transactions, covering bonds, equities, derivatives and investment funds.
Based in Brussels, the group has divisions all over the world with offices in France, Belgium, Ireland, Finland and Sweden. Euroclear also owns EMXco the UK’s provider of investment-fund order routing and is awaiting regulatory approval to acquire Xtraker, owner of the TRAX trade matching system. The London office of Euroclear required a solution that would manage the several hundred keys that were in operation across multiple floors.
Awaiting regulatory approval
The Challenge - Within both sites of the London division there are hundreds of keys in operation that require managing.
Euroclear had issues with not being able to track the usage of each key or being able to determine who had what key. With the old system it was not possible to complete a full key audit at the touch of a button. Misplaced keys also proved problematic to Euroclear as they were difficult to trace. Finally, the solution had to be delivered within a defined budget and timescale.
Individual authorisation codes
Morse Watchmans Solution - In order to meet the requirements of Euroclear, Morse Watchman recommended and introduced the KeyWatcher® Key Control System. The KeyWatcher® is a custom-tailored solution designed to record the access history of each key, including user, date and time of checkout and return.
In order to release an assigned key, each user needs an individual authorisation code. By having individual authorisation codes, the risk of a key being misplaced is greatly reduced. The risk of unauthorised people removing keys is completely eradicated.
Biometric access data
The KeyWatcher® comes with its unique KeyPro® Performance Software. This user-friendly PC application delivers real time information concerning the whereabouts and history of any key for the KeyWatcher® system.
Activity reports are easily produced that can trace a keys’ movements by date and time, authorisation code or biometric access data. Constructed in rugged metal the slimline system eliminates the need for outdated lock boxes, messy key identification tabs and unreliable key recording manuals.
Several hundred keys
In Action - The KeyWatcher® Key Control System, complete with fingerprint access control option is now used across both sites of the London office. Euroclear have 7 KeyWatcher® Key Control Systems with over a hundred user accounts and several hundred keys in operation.
The KeyWatcher® Key Control Systems have been installed on several floors and are linked and managed by a central computer. Euroclear now has complete visibility into the whereabouts of any key and can track usage by authorised people at any given time. All key users have been given accounts and are restricted to only being able to access the keys required for their role. The several hundred keys in operation are now controlled 24 hours a day, 7 days a week. The KeyPro® Software is used regularly by the Euroclear to produce reports concerning usability and any security alerts.
Saving valuable time
The Results - The new KeyWatcher® Key Control System greatly reduces the risk of unauthorised removal as the KeyPro® Software will notify the relevant manager immediately of any potential security alerts. Finally, as the KeyPro® Software produces detailed reports on the KeyWatcher® system, a full audit trail is avaliable at the touch of a button saving valuable time and resources.
In addition, PowerCheck is a tool that officers can use to do their jobs more efficiently and effectively, while helping to visibly reassure hospital staff, patients and visitors that the premises are secure. Stations are set up around the facility, and as the officer walks by with the handheld device, the system reads and records the time. The device can be programmed to prompt either sequential or random tours for the officers, so their movements can’t be predicted, and the officer can enter a standardized code at any station to report incidents instantly.
