Calypso Technology, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that ASB Bank, a leading New Zealand institution, has successfully implemented the second phase of the Calypso project to go live on its cross-asset, front-to-back treasury platform for foreign exchange, money market, interest rate derivatives, and risk, including limit management, enterprise risk, VaR and market risk.
ASB was seeking a single, complete solution to support all treasury functions and to expose more treasury capability via the Bank's internal portal, FastNet. Calypso was chosen for its ability to streamline the Bank's entire financial markets trading and post-trade processing activities. The first phase of the project included end-to-end processing for forward rate agreements and futures as well as limits management. The second phase, including foreign exchange, went live in November 2009.
ASB leveraged Calypso's market standard based solution, Calypso Fast-Track to accelerate the deployment of the trading, risk and operations application. Calypso Fast-Track provided ASB with a pre-configured database and associated process documentation. ASB was then able to focus more attention on their unique products and processes, interfaces and data migration rather than the mechanics of simply getting the application up and running.
"Choosing Calypso was a strategic decision for us", says Kerry Francis, Chief Executive of Treasury and Financial Markets. "By implementing Calypso, we now have sophisticated trading capabilities across a number of asset classes while benefiting from the efficiencies of centralized workflow."
Guy Curtis, Head of Treasury and Financial Markets Operations, ASB, added, "We have increased our STP rates significantly and this achievement is testament to the strength of our partnership."
"We are delighted to be working with ASB to support the Bank's treasury operations. Australia and New Zealand continue to be important areas of growth for Calypso, and we look forward to growing our presence and client base in the region," states Charles Marston, Chairman and CEO of Calypso.