African Development Bank licenses Summit front-to-back office software

African Development Bank licenses Summit front-to-back office software

The African Development Bank (ADB) has rolled out Summit Systems' OTC derivatives and fixed income software to treasury and accounting divisions at its Ivory Coast headquarters.

The Summit package supports bonds, FX, money markets, FRAs, futures, swap options and caps/floors. The bank has also licensed Summit's credit risk analysis module.

Patrick Kei-Boguinard, ADB project manager, says the system "provides a consistent way of handling the bank's specific requirements in terms of workflow procedures, credit risk management, support for complex structured issuance products and reports generation".

The system was implemented by local bank employees and staff from Summit's Paris office.

ADB says it is planning to add real-time trading support for bonds and repos and is also considering licensing Summit's e-Toolkit package for Web-based banking.

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