Milan-based FinanzAttiva Sim, part of the Banca Popolare di Bergamo-Credito Varesino banking group, has bought more technology from Summit, the Misys subsidiary. It has added support for exotic equity swaps and complex structured bonds to its existing collection of Summit STP applications.
Alessio Nava, head of the dealing room at FinanzAttiva Sim, noted, “We looked at other vendors’ offerings for our equity swap and bond needs as a matter of course, but we chose Summit once again for several key reasons. First, the additional Summit modules contain all the business functionality we need, and they present themselves with a common look and feel, which means users do not waste time learning yet another application interface. Second, with Summit’s integrated STP platform, our new equity and bond trading applications automatically benefit from pre-existing capabilities-like Summit credit risk management functionality-we already use with other instruments. Lastly, Summit’s inherent customization capabilities let us rapidly introduce novel financial products to our corporate clients, and easily handle the instruments we choose for proprietary trading purposes.”
Stefano Codarini, Head of Technology and Operations, underscored Nava’s remarks: “Summit’s modular software approach allows easy addition of new capabilities in the front, middle, or back office. Activating new trading functionality only involves amending our software license control file. Moreover, our new Summit toolkit module will let us add our own customized reports and proprietary data interfaces as required. And of course,” the new applications seamlessly feed data to Summit’s Accounting Engine, whose standard interface to BPB-CV’s general ledger and other internal systems enables the generation of critical regulatory reporting for the Central Bank of Italy, via PUMA2.”
Also commenting on the sale was Michael Ctorza, Sales Executive at Summit’s Paris office. “FinanzAttiva Sim is yet another example of what happens when your primary focus is making sure your customers’ concerns are well taken care of. They will return to you for solutions when it’s time to expand business capabilities. We look forward to helping FinanzAttiva Sim again in the future.”
Banca Popolare di Bergamo-Credito Varesino, a 36-billion-euro banking group, includes more than 600 branches and 8,500 employees. FinanzAttiva Sim provides high-value-added financial products and services to the group’s customer base, and integrates various areas of the group’s financial business through the use of the latest financial software technology.