The online wealth manager has taken aim at significantly bumping up its capacity by a deal with a fintech firm able to give it straight-through-processing.

Nutmeg, the online UK wealth management house, has gone live on Babel Systems’ open back office to support growth in trading volumes and operational efficiencies through its middle and back office. 

The Babel system has straight-through processing capabilities across funds, equities and bonds. The adoption of this system will enable Nutmeg to tackle the growth in demand it is seeing for discretionary management from clients and support expected client growth.

The wealth manager said its deal with Babel means it now has the ability to handle up to a million trades per day. The Babel System has been fully implemented and integrated at Nutmeg in six months, which Nutmeg said contrasts with the “typical industry implementation timeline” of anywhere up to four years.