Northern Ireland building society Progressive has signed a contract to implement Dart+ Pricing, part of the Dart derivatives product suite from London-based AFA Systems.
The Society is using Dart+ Pricing as a stand-alone application to improve its front office pricing and hedging functionality for interest rate derivatives and to augment its audit capabilities.
The product complements Progressive's existing treasury management software by providing a price discovery system that allows for faster and more accurate trade analysis, including revaluations.
Gabrielle Quinn, treasury manager, Progressive Building Society, says: "Dart allows us to accurately manage our existing interest rate swaps on a day to day basis and gives us greater pricing visibility."
As well as providing initial implementation, AFA Systems will deliver support services on an ongoing basis.
The Dart product suite is a range of products and services relating to pricing and risk management, systems development and training for the global derivatives marketplace.