The World Bank has implemented a new back office system supplied by New York-based Summit Systems in its treasury department.
The project involved integrating the new system with the bank's existing application environment, establishment of a Bloomberg interface and development of real-time links between the back-office, performance management and general ledger systems.
The system supports a wide range of instruments including bonds, money markets, repos, mortgage-backed securities, interest-rate derivatives, futures and listed options.
Tony Ferreira, director of treasury operations at The World Bank, comments: "Summit's core STP capabilities offer benefits for automated confirmation generation and dispatch, settlement messaging and payment processing plus real-time trading position views and accounting."
"The bank also worked with Summit to add customised Swift matching, repo repricing, securities pair-off processing and split trade processing for FedWire," he adds.