Amicus, the newly created Internet banking division of Canadian Imperial Bank of Commerce (CIBC), has licensed a suite of BancWare products from SunGard Trading and Risk Systems to manage interest rate risk and derive market values across its balance sheet and investment portfolio.
Amicus provides online banking and other financial services to consumers in North America through alliances with selected firms. The group intends to use a suite of BancWare data and asset/liability management products to gather and enhance data from the disparate businesses that it services and then apply option-adjusted valuation techniques to analyse and report interest rate risk and provide market valuations.
Karen Martin, treasurer at Amicus, says: "With our rapid growth, we need BancWare's flexibility to integrate our various businesses into a coordinated structure."
At the centre of the installed product suite will be BancWare Convergence, an income simulation and market valuation engine, through which Amicus will consolidate analysis of its multiple businesses. BancWare Insight will power data management for Amicus and BancWare Viewpoint will drive advanced option-adjusted valuation analytics.