FHLB Seattle to install Summit System

FHLB Seattle to install Summit System

The Federal Home Loan Bank of Seattle (FHLB Seattle) is implementing technology from Misys subsidiary Summit Systems to manage its investment and funding portfolios as well as its hedging activities.

In addition to a range of fixed income and money market instruments, the Summit System supports mortgage-backed and asset-backed securities, as well as the derivative instruments used to hedge portfolio positions.

William Gregory, e-business manager, Seattle Bank, says: "On the technical side, we wanted to migrate from a mainframe environment to a cost-effective, state-of-the art distributed server architecture.

"With Summit's n-tier architecture, we are confident that the system will deliver the real-time performance, responsiveness and flexibility we wanted."

The bank is also working with Summit Systems to improve its FAS 133 compliance and reporting capabilities.

The contract is the second that Summit has signed with the FHLB network of banks. FHLB's Boston bank is also installing the Summit System.

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