Reuters announced today that Siam City Bank PCL had chosen Reuters Straight Through Processing (STP) solution, Kondor+ and Reuters Trade Processing across its foreign exchange, money market, fixed income businesses.
Siam City Bank PCL is the first bank in Thailand to install Reuters Trade Processing (RTP) as a back office solution along with Kondor+ for straight through processing to streamline the bank’s front and back office operations whilst providing foundations to improve their bottom line. Reuters Consulting will be carrying out the implementation and system integration tasks. Kondor+ has been already successfully rolled out in the Thai market for several years.
Mr. Sanur Yodpinit, Executive Vice President, Siam City Bank PCL said: “There are increasing pressures to drive financial institutions to seek efficiencies, deliver cost savings, risk control and improved levels of customer satisfaction as our bank faces both aggressive domestic and regional competition. We believe that partnering Reuters will give us the true benefits of a globally consistent set of high quality, value-added solutions in the areas of content management, integration, trading and trade and risk management to help us expand our market share.”
Marc Duale, Reuters Asia Managing Director said: “Siam City Bank is one of the leading banks in Thailand to embrace new information technologies. It has become increasingly aware of the need to respond to changes in financial markets, regulatory policy and technological advances. The way to stay ahead of these changes is to implement a sophisticated, flexible treasury back-office system in addition to an integrated trading and risk management application.”
Reuters Kondor+ is a real-time position-keeping system that offers a sophisticated and flexible means of capturing deals and managing risk. Combined with RTP as a standard front to back solution, it provides smooth and seamless management of back office processes, such as order confirmation, payments and accounting entries. In a “best of breed” approach for individual end-user requirements, the applications provide broad instrument coverage and offer a wide range of tools and functions that help professionals make informed decisions, in addition to processing related workflows which help manage a trading room’s financial exposure and operational risk.