RZB selects Thomson Reuters technology for market risk project

RZB selects Thomson Reuters technology for market risk project

Austrian banking group Raiffeisen Zentralbank Österreich is implementing technology from Thomson Reuters to support a new enterprise-wide market risk management system.

The Thomson Reuters Enterprise Platform will be used by RZB to support an enhanced market risk control and value at risk reporting system across the banking group.

The Enterprise Platform includes the Reuters Reference Data System (RRDS) which will acquire, cleanse and store market data and the Reuters Enterprise Integration Engine (REIE) which will provide data orchestration between the Thomson Reuters components, in-house and third party systems.

The system enables the holistic management of both real-time and non-real-time market data in a common data model, says Thomson Reuters.

Alexander Tsorlinis, head of market risk management, RZB, says the Thomson Reuters platform "fits in with our component based approach to build up a highly flexible market risk management system".

"This agreement provides RZB with a flexible, enterprise-class data management and orchestration solution that will significantly reduce the risk and cost of integrating data into their important new market risk infrastructure," adds Jon Robson, president of Enterprise, Thomson Reuters.

In separate news, UK-based SMA Financial says it has completed a 'Swift hub project' in Romania for Raiffeisen International - part of the RZB group.

The project involves migrating the group's 15 subsidiary network banks across the Central and Eastern European region to the Swift Alliance payments infrastructure.

SMA says Raiffeisen decided in late 2006 to build a shared service centre in Romania to streamline payments and back-office processes and reduce costs. A decision to streamline Swift connectivity resulted in selection of the SwiftAlliance product suite, says SMA. The payments infrastructure is hosted on a fully resilient IBM Aix platform in Bucharest.

An RFP was issued in December 2006 and the first phase of the project commenced in April 2007 with a plan to migrate all banks over a 15 month period.

Commenting on the project, Pierre Brisse, GM of Crisp - Centralised Raiffeisen International Services and Payments - says: "Our project was based on a very aggressive timeline and it was therefore important for us to have a committed supplier capable of providing dedicated and skilled resources to make it happen together with our own team. SMA proved to be a knowledgeable and reliable partner and also showed the necessary flexibility in dealing with our various requirements."

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