The largest bank in Suriname, De Surinaamsche Bank N.V. (DSB Bank) has gone 'live' with Opics Plus, a best-of-breed treasury system from Misys, the global software and solutions company.
The commercial bank is the first financial institution in Suriname to implement Misys Opics Plus and will use the solution at its head office in Paramaribo to manage the increasing complexity and volume of trades in its treasury operations.
Misys Opics Plus replaces DSB's previous treasury application, used for processing small volumes of vanilla instruments. Within the new treasury system, the bank has licensed modules in FX, money markets, and fixed income securities to provide a front-to-back STP solution for processing foreign exchange, lending, bonds, and cash management. DSB Bank will use the system in the front office as a trading, P&L and position management tool; in the middle office, users will manage trading and credit risk, while in the back office, it will be used to manage SWIFT payments, confirmations and accounting.
Misys Opics Plus leverages a new tiered architecture to provide a comprehensive trade lifecycle management solution which enables financial institutions to process instruments at speed and gives users real-time information. DSB Bank will use the solution to trade effectively in the growing treasury market and streamline operations in the bank's back office. Due to its open and flexible architecture, Misys Opics Plus will be seamlessly integrated with DSB's core banking application.
John Lie-Tjauw, Chief Operating Officer at DSB Bank, comments: "We chose to partner with Misys for the experience and knowledge of the team and its reputation for delivering similar solutions to major foreign banks both globally and in the region. This solution has been rapidly deployed, meaning we are now able to handle the volume and complexity of transactions required by the market and focus on what is really important - our customers."
The bank evaluated four vendor solutions on the market before selecting Misys Opics Plus. The implementation was delivered within budget and within the targeted project timeline.
"By having one system for hanndling all of their customers' treasury activity, DSB Bank will benefit from greatly reduced cost and operational risk associated with system connectivity, data reconciliation and maintaining business support architecture," says Steve Mills, Head of Latin America Business Operations for Misys Treasury & Capital Markets. "Misys Opics Plus will also give DSB Bank an incredibly fast time to market when the bank needs to process more complex instruments in the future, helping its trading operations to ride the wave of growth in the Latin American capital markets."