South Africa-based Standard Bank Group is to roll out Algorithmics' Algo Collateral system across its global operations.
Algo Collateral will enable the bank to automate collateral activity and help minimise the operational risks associated with margining processes.
Deon Kruger, head of global collateral management and operations, Standard Bank says: "Algo Collateral allows us to centralise the management of our global collateral function and facilitate the planned increase in the size and scope of the operation without a significant investment in technical or business resources."
The system will be implemented at the bank's South Africa and London sites next year, with roll out to its Hong Kong and Brazil operations planned at a later date.
The deal marks the first client for Algo Collateral in South Africa. Standard Bank also licenses Algorithmics' Algo Market solution.