Absa Capital, the investment banking division of South Africa-based ABSA Bank, has upgraded its versions of SunGards Global One multicurrency international securities lending system. Absa Capital uses Global One interfaced with Strate, the South African CSD, for processing transactions on the Johannesburg Stock Exchange (JSE) and off-market trades.
A SunGard customer since 2007, Absa Capital implemented Global Ones plug-and-play transaction processing and industry-standard interfaces such as SWIFT, from which the Strate messages are derived, in order to enhance its straight-through processing and achieve rapid time-to-market. The upgrade also enables the firm to meet more stringent compliance regulations mandated by Strate, and provides it with new functionality that includes regulatory message changes for Strate collateral requirements.
Chris Edwards, head of prime services at Absa Capital, said: SunGards Global One provides Absa Capital with a sound securities lending system that helps increase our competitiveness. It is also helping us achieve our objective of straight- through processing, thereby making our offerings more attractive to our clients.
(JDC)