Euroclear, a user-owned and governed financial services company specializing in the settlement of security transactions, has implemented Morse Watchman's KeyWatcher® Key Control System at its London offices. Based in Brussels, Euroclear handles both domestic and international transactions involving bonds, equities, derivatives, and investment funds. With operations in countries such as France, Belgium, Ireland, Finland, and Sweden, the group also owns EMXco in the UK and is seeking approval to acquire Xtraker, the owner of the TRAX trade matching system.
The London office faced challenges managing several hundred keys across its multi-floor facility, given the previous system's inability to track key usage or conduct comprehensive audits rapidly. Misplaced keys posed a challenge without an effective tracking and management solution, and Euroclear needed a system within a specific budget and timeline.
Implementation of KeyWatcher® system
To address these challenges, Morse Watchman introduced the KeyWatcher® Key Control System, tailored to keep detailed records of each key's access history, including user information, checkout, and return times. The system requires each user to input an individual authorization code to check out keys, significantly reducing the risk of lost or unauthorized access to keys.
Accompanying the KeyWatcher® system is the KeyPro® Performance Software. This software provides real-time updates about key locations and history, generating reports that detail movement based on date, time, authorization code, or even biometric data. The system's robust construction and modern technology remove the need for outdated lock boxes and manual records.
System Integration and Usage
Euroclear utilizes the KeyPro® Software for regular usability reports and security alerts
Euroclear has integrated seven KeyWatcher® systems across both London office sites, managing a substantial number of user accounts and keys. A central computer connects and manages these systems, offering full visibility over key usage and immediate tracking capabilities. Each user holds an account providing access only to keys necessary for their role, ensuring optimized security and accountability.
Euroclear utilizes the KeyPro® Software for regular usability reports and security alerts, maintaining 24/7 control over key access. The system provides comprehensive oversight, enabling Euroclear to manage its resources efficiently and react promptly to any security concerns.
Enhanced Security and Efficiency
The implementation of the KeyWatcher® system has significantly lowered unauthorized access risks, as the KeyPro® Software sends immediate alerts to managers for any security concerns. In addition to producing detailed audit trails swiftly, the system saves valuable time and resources for Euroclear.
Furthermore, the PowerCheck tool complements the KeyWatcher® system by enhancing the efficiency of security officers. This tool enables real-time incident reporting and ensures unpredictable patrol patterns, reassuring staff and visitors of the premises' security.
The Euroclear group are a user-owned and governed financial services company that specialize 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 authorization 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 authorization code. By having individual authorization codes, the risk of a key being misplaced is greatly reduced. The risk of unauthorized 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, authorization 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 authorized 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 unauthorized 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.
