Abbey National is to install the Wall Street System treasury engine as its short term money markets platform.
The UK banking group has licensed several front and back office modules of the Wall Street System treasury engine as well as the Application Programming Interface (API) library for deployment at its new London offices. The project also includes front-office operations at Abbey National Treasury Services in Stamford, Connecticut, which will access the package as a satellite of the London-based implementation.
The deal between vendor and bank was signed in mid-March.
Separately, Abbey National has outlined plans to lay-off a further 700 back office and administrative jobs as the bank continues its retreat from the wholesale markets. The latest cuts are in addition to the 700 redundancies announced last year and leave the bank with a slimmed-down wholesale banking unit employing about 500 people.