Italian co-operative banking group ICCREA Banca has implemented Misys' trading and risk management platform Summit to manage its trading and back office operations.
The vendor says 30 users managing ICCREA's trading and back office functions are now live on the system covering bonds, equities, foreign exchange, money market instruments and exotic OTC derivatives. The integrated platform includes the Summit accounting module and interfaces with the bank's general ledger and Central Bank of Italy for IAS39 compliance and regulatory reporting.
ICCREA, a primary dealer and provider of services to 534 co-operative credit banks in Italy, says it is also planning to add Misys' Summit Must module in future to support the expansion of structured products integration into its system.
Misys says the ICCREA project will conclude with the implementation of risk management modules in a further phase which will provide a single architecture to link exposure across the bank's business lines, portfolios and products. Enterprise wide and desk level risk analytics for the bank, including market risk control and Monte Carlo VaR, with credit risk covering counterparty limits checking and monitoring will all be covered.
Franco Caporrella, head of IT, ICCREA Banca, says: "Misys Summit is core to our strategy to streamline our IT architecture, reduce processing times and improve data quality. The rules-based workflow means that the system manages the trades to our pre-defined criteria and enables confirmations, settlements and payments to happen automatically, without human intervention."