Misys US subsidiary Summit Systems says the Federal Home Loan Bank (FHLB) of Boston has bought the Summit system to manage its investment and funding portfolios along with its associated hedging activities. A phased rollout will be conducted with the assistance of Summit’s Consulting Services Group and is planned to conclude in the fourth quarter of 2004.
The new integrated software platform will provide the bank with a real-time STP environment that includes comprehensive trading, risk management, and back-office processing support for a wide array of fixed income securities (including mortgage-backed), money market instruments, and interest-rate derivatives.
“The operational inefficiencies associated with operating and maintaining a number of product-specific applications is undesirable for any bank,” says Kelly LaCava, Vice President Information Technology. “We needed to simplify our processes and environment by standardizing on a single front-to-back STP software platform. Upon conclusion of our vendor evaluation, Summit was the clear choice. With Summit, we expect to realize substantial operating efficiencies by consolidating multiple systems while reducing manual processes. But to extract maximum value you need to apply STP across all the instruments you work with, and Summit enables us to do exactly that.”
Asked what convinced the bank that Summit was the best answer for their needs, Frank Nitkiewicz, Senior Vice President, Chief Financial Officer & Treasurer listed “‘out-of-the-box’ functionality, front-to-back cross-asset support for the simplest to most complex deal structures, the ability to significantly simplify and automate workflow processes, and a strong track record of successful system implementations.”
“Going forward,” says Carolyn Hodges, First Vice President and Controller, “we’ll be collaborating with Summit in a development partnership to enhance their FAS 133 functionality in response to the bank’s FAS 133 reporting needs, and I’m very confident about the success of that project.”
Ahmet Bilgen, Associate Director of Sales at Summit, commented: “FHLB Boston is an example of the type of client we very much enjoy working with. They recognize that technology infrastructure, wisely deployed, can pay large dividends in terms of value and cost efficiencies. Summit looks forward to a long and mutually prosperous relationship with the bank.”