SunGard today announced that Toronto-based Scotiabank has selected BancWare to help it to further automate and streamline net interest margin and asset/liability management (ALM) reporting and analysis.
BancWare will provide Scotiabank with integrated ALM and funds transfer pricing, data integration and management, and margin reporting and analysis software.
Scotiabank selected BancWare to help it to enhance its ALM process by providing increased automation and flexibility that will enable more frequent, accurate and timely analysis and reporting. BancWare will also support the multiple currencies Scotiabank handles as an international bank, and perform multi-dimensional analysis, incorporating interest rate risk, income simulation and market valuation using static and stochastic modeling for more comprehensive and detailed analysis.
Lawrence Masterman, senior vice president and comptroller at Scotiabank, said, "BancWare will help us to increase operational efficiency by integrating and improving our existing processes and by providing robust data management, cleansing and reconciliation. The flexibility, transparency, and ease-of-use of BancWare is a big plus. The Microsoft Excel interface offers a reduced learning curve, helping us to get all users up and running quickly. We are also expecting a smooth installation process as a result of SunGard's partnership approach to implementation."
Terence Faherty, president of SunGard's BancWare business unit, said, "By providing solutions that automate and integrate related functions like ALM, funds transfer pricing and profitability management, BancWare helps large banks like Scotiabank to increase accuracy and efficiency in managing the balance sheet. With tools to help ensure that underlying balance sheet data is consistent and reliable, customers of the BancWare solution suite may experience greater control and integrity in the balance sheet management process."