Source: SunGard Trading and Risk Systems
SunGard Trading and Risk Systems, an operating group of SunGard (NYSE:SDS), today announced that Rockland Trust Company has selected SunGard's BancWare for profitability management, forecasting and data integration.
Rockland Trust Company is the sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB). BancWare will help Rockland Trust Company to streamline operations and increase efficiency in profitability management and reporting. BancWare will provide integrated, Web-based organizational, product and customer profitability reporting, margin analysis, cost allocation and business performance measurement.
Rockland Trust Company sought a solution that could centralize profitability management, support multiple users, and provide a complete picture of profitability across the organization. BancWare will interface with the bank's sub-systems to collect, cleanse, and validate relevant data, including reconciling the data with the bank's general ledger system. It will automate many of the bank's manually intensive profitability processes.
BancWare will also provide Rockland Trust Company with multi-dimensional financial modeling and analysis including funds transfer pricing at the account level for all transactions; cost allocations using flexible business rules; and economic capital calculations, customer profitability and product pricing.
Robert Cozzone, senior vice president, Treasury, Rockland Trust Company, said, "We sought to replace our cumbersome processes and technology for profitability management with a new solution that could support our continued growth. SunGard's BancWare best fit our requirements by providing the ability to centralize and automate processes with integrated data management and better modeling tools."
Terence Faherty, president of SunGard's BancWare operating unit, said, "BancWare will help to improve efficiency at Rockland Trust Company by providing corporate and line managers with consistent and frequent reporting on the profitability of their divisions, products and customers in order to assist them in making more informed decisions."