Financial Objects, an international supplier of software solutions to the financial services sector, has today announced that Alpha Bank London Group has signed a contract to deploy activebank Treasury to three of its entities.
The deal comprises the base analytics system - the risk management element of activebank Treasury, along with some additional enhancements.
Alpha Bank London Group, a subsidiary of the Alpha Bank Group, one of the leading banking and financial services groups in Greece, required detailed analysis on interest rate sensitivity to complete new interest rate gap reporting for the Financial Services Authority (FSA) regulatory perspective, and for internal management reporting purposes.
The Financial Objects activebank Treasury solution will initially be implemented in Alpha Bank London Limited to facilitate automation of the interest rate gap reporting requirements of the FSA. This will be followed by a roll-out to Alpha Bank Jersey and Alpha Bank AE, London branch, providing real time risk analysis across the group.
Linda Cullen, Assistant General Manager at Alpha Bank London Group, anticipates significant savings in time and effort following the implementation. "Our previous method of collecting this information relied heavily on manual processes, and subsequently required careful reconciliation to ensure the highest data integrity. We are anticipating that this new analytical tool will provide us with accurate source data and allow us to fully meet our various regulatory reporting requirements."
John McKee, Managing Director of the Banking division at Financial Objects, commented: "Alpha Bank has been a client of ours since 1995 and we are obviously delighted to further strengthen our relationship with this deal. This is yet another example of how our componentised products can be combined to provide rapidly-deployable, comprehensive solutions."
The initial implementation is expected to take six weeks.