Bridge Bank, a full-service professional business bank headquartered in the Silicon Valley, has gone live with SunGard's Sierra, a solution for FX trading delivered on an ASP (application service provider) basis.
The solution was implemented to help Bridge Bank streamline operations in its growing international banking division, which provides the bank's customers with foreign exchange, trade and global cash management services.
Agile banks such as Bridge Bank are increasingly looking for sophisticated technology systems to help manage their FX operations - helping them to better serve their clients. These systems need to be scalable to support volume increases, provide connectivity to liquidity platforms, and give a consolidated view of positions and risk in real-time. As its clients' volumes of foreign currency payments and receipts have increased, Bridge Bank has been able to use Sierra to help streamline its foreign currency processing. The Sierra solution has also helped the bank improve the efficiency of its internal processes.
SunGard's Sierra can also integrate with the bank's external systems, a requirement for true straight-through processing. Sierra is linked to Bridge Bank's Wire request system, SWIFT gateway, trading platforms and core banking system, helping to provide a seamless operational workflow by removing redundant work in multiple systems. Using the solution, Bridge Bank can control its FX cash trading from front-to-back in a single solution, helping to reduce operational risk while increasing control.
John Peckham, senior vice president and information systems manager at Bridge Bank, said: "To compete in a shifting global market, we need to ensure that our IT infrastructure is as cost-effective and as operationally efficient as possible. Using SunGard Sierra's ASP offering for our international banking business we are able to leverage proven, functionally rich technology. As FX volumes and market volatility continue to grow, there is much more incentive to reduce trade processing costs - SunGard's Sierra offers us a scalable, cost-effective solution that will grow with our business as and when required."
Jim Denneelly, senior vice president at SunGard's Sierra business unit,said, "We believe that providing Sierra to Bridge Bank on an ASP basis has enhanced its business potential by taking away the need for expensive resources and maintenance to support an in-house or licensed solution. Rolling out a single integrated solution to cover trading and processing in the FX market also helps reduce total cost of ownership and can take away the headaches that are associated with having to manage multiple systems."