Florence-based retail bank Cassa di Risparmio di Firenze (Carifirenze) has selected SunGard Trading and Risk Systems' Panorama software to automate and integrate back office processing of interest rate, foreign exchange and equity derivatives.
The implementation includes trade processing, payments, confirmations, general ledger postings and regulatory reporting of OTC interest rate derivatives.
SunGard says its Panorama software will enable Carifirenze to achieve straight-through processing (STP) of OTC derivatives and comply with the Bank of Italy's regulatory reporting requirements.
Alessio Fontani, project leader, Carifirenze, adds: "We chose the Panorama solution largely because it matched our requirements for automated processing, and because it could be delivered in its entirety in Italy."
Panorama replaces manual processes and is delivered through a partnership with local systems integrator Banksiel. The Telecom Italia company is responsible for integration, start-up and maintenance of the system architecture for the derivatives middle and back-office.
Carifirenze says the first phase of the project has been delivered on time and within budget.