South Korean retail bank National Agricultural Cooperative Federation (NACF), has gone live with Summit Systems' treasury and capital markets software.
The system, which replaces a combination of Excel spreadsheets and in-house back office application, has been customised to include central bank reports, new accounting events and a GL interface to ensure compliance with Korean accounting practices.
Summit says its STP system will provide the bank with real-time services including FX and bond positions, trade blotter and viewer, credit limits, market risk, confirmations and settlements.
Jae Ho Lee, manager of risk management for NACF, comments: "The wide instrument coverage of Summit enables us to handle foreign exchange, money markets, bonds, listed futures and options, FX options, interest rate and credit derivatives, plus exotic trades in one single system. The processing and managing of trades will be massively improved."