The Computer Centre for the Icelandic Savings Banks, Tolvumidstod Sparisjodanna (TS), has selected SimCorp's IT2 for the management of its customers cash and treasury processes.
TS is a leading provider of IT solutions and services to over 30 financial companies, including all savings banks in Iceland.
IT2 will be used by customers of TS to manage funding, investments, FX dealing and risk management. IT2 will be connected to other systems that TS already operates, including SWIFT, market data systems, trading systems, data warehouse and the centre's general ledger. This will provide TS's customers with best-practice straight-through processing, and significantly strengthen the total-value chain of the services TS provides.
"After an evaluation process, TS chose IT2 because it covers the functionality our customers require and will give us the opportunity to offer a complete treasury and risk management system," said Arnar Bjornsson, project manager at TS. "SimCorp's reputation in the market added to our belief that we have found the right partner in a very important move for our customers."