FHLB New York selects Rockall collateral management software
15 January 2008 | 1701 views | 0
Source: Rockall Technologies
Rockall Technologies, a leading financial services solutions company, is delighted to announce that their collateral management solution, STOC, was selected by the Federal Home Loan Bank (FHLBNY) of New York.
The FHLB New York will implement STOC to manage the eligible securities and mortgage assets collateralizing advances to its member banks. In addition to FHLB New York, the Rockall system has recently been implemented at Wachovia and FHLB Boston. The system provides an automated, proactive approach to the management and valuation of liquid and loan book collateral.
FHLB New York's Senior Vice President of Collateral Services Marianne Totaro announced the decision and explained, "Our mission is to support our member community banks. Using Rockall's STOC system we can offer enhanced collateral tracking to our members thereby helping them to maximize their lending capacity."
Recent challenges in the lending markets have made the implementation of loan collateral management systems more critical than ever for financial institutions worldwide. As Rockall CEO Luke Nestor explains, "Banks need first-rate collateral management to ensure that their loan books are well managed over the long term, from a regulatory and a business perspective. Rockall is the partner of choice to deal with these challenges."
With the need to upgrade its current collateral technology, Ms. Totaro, undertook the due diligence on behalf of FHLB New York. "STOC is the right solution for us for a number of reasons; Rockall's approach to solution development and implementation is familiar to us, their consulting team is professional and capable, and we are comfortable that the end product will provide us with the range of functionality we need today and into the foreseeable future," said Ms. Totaro.