US bank Washington Mutual has implemented Summit Systems' integrated transaction platform to replace and upgrade its trading and back office systems.
The initial phase of the project will support the liabilities and related derivatives positions of the bank, with a subsequent phase to support the bank’s asset portfolio.
The new platform offers front office, back office and risk management support for interest-rate derivatives, bonds and bond options, repos, and money market instruments (including primary issuance functionality). Summit's front-office features encompass trade capture/tracking and maintenance, pricing capabilities and portfolio analytics and real-time monitoring of the bank's assets and liabilities.
Waqar Sheikh, head of the bank's A&L trading group, comments: "By providing the automation capabilities necessary to eliminate manual processing steps and transaction errors, Summit allows us to significantly cut overhead costs."
Marc Malone, first vice president of treasury accounting, adds: "The system offers very flexible accounting capabilities and rich analytical tools which will allow us to document and track hedge strategies, perform effectiveness testing and measurement, and generate the required accounting entries."