SunGard reports Front Arena deployment at LBBW; signs Pakistan's UBL to System Access
29 January 2008 | 6180 views | 0
Germany's Landesbank Baden-Württemberg (LBBW) has implemented SunGard's Front Arena platform to support pricing, trading, risk management and back office processing of its equity OTC business.
SunGard says the scope of the implementation project, which involves a phased replacement of LBBW's existing systems, means that Front Arena will eventually support all equity instruments, from plain vanilla to exotics and structured products, across its entire equities business.
Michael Doelker, manager, financial markets IT services, LBBW, says Front Arena will help the bank "achieve a seamless 'handshake' across all the desks from the front to the back office".
"Many banks have as many as four or more different systems in place to achieve the same workflow and it is not sustainable. We are now in a strong position to facilitate expansion," adds Doelker.
Jean-Philippe Maurrasse, head of sales, Emea at SunGard's Front Arena business unit, says the consolidation of equities trading businesses onto one platform had left LBBW trying to juggle trading activity, manage position tracking and risk spread across various systems, as well as handle multiple databases and business lines.
"With Front Arena, we were able to offer LBWW a single, cost-effective solution," he says.
In a separate move, SunGard has signed Pakistan-based private bank UBL to its System Access core banking and CRM package.
UBL, one of Pakistan's largest private commercial banks, will use the technology to centralise business processing across its 1060 domestic branches and growing international operations.
SunGard says the bank will also implement its System Access Customer Service Manager (CSM) package, which will provide a single, consistent view of customers across applications.
SunGard acquired the System Access products when it bought out the Singapore-listed banking systems company in October 2006.
The US vendor says UBL is the fourth bank in Pakistan to implement the technology.
Earlier this month SunGard reported that Pakistan-based Dawood Islamic Bank (DIBL) was using its System Access CSM product to provide Shariah-compliant Internet banking services to retail and corporate customers.