Bank of Ireland Treasury and International Banking (BOI TIB) Dublin has gone live with PaceMetric's PaceMaker transaction management product suite.
PaceMaker monitors the flow of a trade transaction as it moves within and across multiple and unrelated processing systems, highlighting exceptions and bottlenecks. The package can be implemented with an Operational Event Store that provides accurate MIS reporting, a comprehensive audit trail across multiple systems and the core data required by national or supra-national regulatory bodies such as BIS (Bank for International Settlements) and the Basel II Accord.
Bank of Ireland says it will use the PaceMetric's products as part of an overall initiative to increase operational efficiency and to manage operational risk. The live launch follows a pilot installation in January to prove the concept.
Head of operational risk, Michael Geraghty, says he can see scope to extend the product to other areas of the bank. "Not only do we get a view in real-time of the entire processing across multiple systems, but we also gain a clean record of all events stored in the Operational Event Store," he says. "The OES warehouses the entire history of all trades, including their events and states, enabling the business to proactively manage and report on operational risk."