22 October 2017
visit www.atos.net

Algorithmics and IBM in bank deal for collateral management ASP

14 March 2002  |  3488 views  |  0 Algorithmics

Algorithmics and IBM have won a contract with an unnamed global financial services firm to provide the software and network for an ASP-based collateral management service for mid-tier banks and asset management firms, including hedge funds.

The bank plans to use Algorithmics' Algo Collateral (Sentry) product for the service. The system will be hosted and delivered via IBM's global services data centres in a 'pay as you go' manner.

A spokesperson for the bank says: "To provide the functionality required for multi-level engagements, we required 'best-of-breed' collateral management software and a stable, reliable and fast network, with the processing infrastructure to deliver it."

He adds that the initiative will make 'big bank' collateral services available to a far wider range of users.

Demand for dedicated, in-house collateral management systems is estimated to grow from $54.5 million in 2000 to reach US $134 million in 2005, according to Meridien Research. The majority of these expenditures would result from application purchases by the world's 400 largest banks and financial institutions. The first customer for the joint Algorithmics-IBM collateral management service says its initiative will lessen the need for similar investments by thousands of middle-tier banks, asset managers and corporates worldwide.

"Our client has moved quickly to fill the growing need for a range of collateral management service levels, from initially providing the functionality of Algo Collateral (Sentry), to delivering a more extensive service that sees them making collateral calls, monitoring agreements, including valuation and facilitating movement of collateral with counterparties, etc. - in effect offering the benefits of a full-scale collateral programme at lower costs through a utility model," says Michael Zerbs, chief operating officer, Algorithmics.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Northern Trust signs with Algorithmics for risk management

Northern Trust signs with Algorithmics for risk management

26 February 2002  |  2335 views  |  0 comments
Excelergy and Algorithmics in energy trading partnership

Excelergy and Algorithmics in energy trading partnership

14 February 2002  |  2054 views  |  0 comments
Algorithmics upgrades collateral package

Algorithmics upgrades collateral package

05 February 2002  |  2434 views  |  0 comments
Algorithmics to offer risk software via Bloomberg

Algorithmics to offer risk software via Bloomberg

29 January 2002  |  2932 views  |  0 comments
Algorithmics promotes Michael Zerbs to COO

Algorithmics promotes Michael Zerbs to COO

23 January 2002  |  3380 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.atos.net

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10583 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
10168 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9086 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8149 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7957 views comments | 10 tweets | 22 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job