Banco de Bogotá, Colombia’s second largest bank, has contracted with Summit Systems to provide a front-to-back platform for its fixed income and treasury operations.
The bank will replace several legacy systems with Summit’s integrated transaction platform in its Bogotá, Colombia headquarters office to support trading activities in bonds, repos, foreign exchange spot, forwards and swaps, FX options, money market instruments, and FRAs.
The new front office capabilities include trade capture, pricing, and portfolio analysis, while back office functionality encompasses automated documentation, cash settlements, and accounting for all instruments. Selected risk management options include credit risk monitoring tools and an integrated limit server to control counterparty limits.
The bank also purchased Summit’s API Toolkit—for adding customised functionality — and Summit Gateway, which enables easy importation of data from a variety of sources in real-time.
Germán Salazar, VP of treasury and international trading at the bank, says: “Following extensive evaluation of several vendor packages, we found Summit provides the most comprehensive front-through-back office capabilities and open technology platform for meeting the growing needs of our treasury operations."