SunGard signs Spanish savings banks to Bancware

The vendor says the banks will use the technology for integrated interest rate risk and data management. BancWare will help the savings banks to effectively manage interest rate, foreign exchange and liquidity risk by providing static and dynamic ALM modelling, says SunGard.

CECA is the Spanish Association of Savings Banks consisting of 46 members. The association also operates as a savings bank in its own right and will also use BancWare to manage the interest rate, FX and liquidity risk of its balance sheet.

The integrated risk and performance management technology will also help the banks and CECA to better understand the impact of market changes and customer behaviour on the balance sheet and earnings statement. The package includes specific functionality for hedge accounting, carry amount calculations and earnings and capital simulation in compliance with IAS39 accounting regulations.

SunGard says its technology was selected after the Bank of Spain called for all banks in the country to improve balance sheet management to comply with the Basel II framework.

Julián Fernández Antón, head of middle office and methodology, CECA, adds: "CECA decided to coordinate a selection process to find the most suitable solution for its member banks, to help them to advance their interest rate risk management and comply with the regulatory framework required by the Bank of Spain and the Basel Accord. As a result SunGard's Bancware has been chosen as the best solution to meet the selection criteria."

Terence Faherty, president of SunGard's BancWare business unit, says: "Our ability to provide on-time, on-budget implementations of BancWare, our industry expertise, Spanish-speaking resources and our close relationship with Madrid-based partner, InterMoney, are helping banks in Spain to meet their balance sheet and regulatory risk management challenges."