Spain's Caixa Galicia signs for SunGard's BancWare

Spain's Caixa Galicia signs for SunGard's BancWare

Spanish savings bank Caixa Galicia is implementing SunGard's BancWare technology to support its asset and liability management, financial planning and forecasting operations.

BancWare Focus ALM will provide static and dynamic modeling to manage interest rates, FX and liquidity risk, calculate on and off-balance sheet products, validate data and generate reports.

The platform will also support hedge accounting, carrying amount calculations and earnings and capital simulation in compliance with IAS39 accounting regulations.

SunGard says the bank will use the BancWare Budgeting and Planning module to support cost centre-level financial statements involving issues such as acquisitions and branch openings and closures.

Antonio Gallardo, head of financial planning, Caixa Galicia, says: "It was important for us to have an integrated tool to meet both our cash flow analysis and to help streamline the budgeting process from beginning to end."

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