Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management, and Global Information Technologies (Globit), today announce a new partnership agreement where Numerix analytics will be leveraged and implemented by Globit in the Turkish market.
The combined offering will provide an integrated pricing solution for core banking applications so that retail branches can price and sell FX derivatives within pre-defined limits.
In this region small to medium sized corporates and individuals are looking for FX derivative products which they can directly buy from bank branches. Banks want to provide FX derivative products for these customers but operational costs are too high; core banking systems of the retail banks don't have appropriate pricing tools for FX derivatives and all requests are sent back to the treasury for pricing. This delays the sales process and increases the workload of the treasury. Also faced with growing FX exposure, a combined solution will help banks to decrease their operational cost and enable a faster sales process.
"At Globit we pride ourselves on providing integrated software solutions that address real-world business problems within Finance and Banking institutions, and critical to our success are the technology alliances we forge. With Numerix we're able to offer our customers a wider range of products, services and the customized solutions they demand, with greater value add," said Ozan Vakar, Founder and Chief Executive Officer of Globit. "In leveraging the strength of the Numerix model library, combined with the flexibility and scalability of the CrossAsset platform, our partnership will enable banks throughout the region to provide automated pricing for the sales process which later on can be sent to treasury for hedging purposes. This is powerful functionality and only possible through our collaboration."
"Globit has deep rooted software capabilities with proven success in designing, developing and implementing a diverse range of technology solutions across treasury front, middle and back office. Supported by an experienced team of integration professionals and financial engineers, we see this partnership as a natural extension of our analytics, and opportunity to expand into a new territory," says Steven R. O'Hanlon, Chief Executive Officer and President of Numerix. "With the local knowledge and expertise of the Turkish market, we're excited to support Globit - complimenting, improving and enhancing solutions and solving problems that perhaps wouldn't have been possible before. And today that means a faster sales cycle for FX derivatives, and lower demand on treasury resources."