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World Bank chooses Summit to streamline treasury operations

06 August 2002  |  2436 views  |  0 World Bank chooses Summit to streamline treasury operations

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.

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