Turkey's Akbank is to implement Misys' Summit FT treasury system at its headquarters in Istanbul for cross asset trading.
The bank will replace several legacy systems to create a more streamlined transaction flow across front, middle and back office operations. The project will move processing of treasury and capital markets transactions, currently running on different systems, to a single STP system which the bank projects will help to minimise operational risk.
Remzi Dede, head of treasury operations at Akbank comments: "This investment in our technology will give us much stronger operational control and risk monitoring, in addition to an ability to roll out new products in a much shorter timeframe and we hope to reap significant benefits when it is live."
Once implemented, Misys Summit FT will support all treasury and capital markets activity including trade capture, limits monitoring and back office accounting operations with a focus on interest rate, equity, foreign exchange and credit products and fixed income instruments.
In Istanbul, Summit FT will be integrated with a third party confirmation matching system, a reporting system and Akbank's own banking branch systems. The bank will also use Misys' technology to feed data to the local electronic funds transfer system. The first phase of the project is due to go live in June 2009.