Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that Wood & Company, a leading Central and Eastern European investment banking house, has gone live with the Calypso system to support middle- and back-office brokerage functions, including cash management and reporting.
The Calypso software system has been implemented as a central installation in Prague, offering remote access to other office locations.
By implementing the Calypso system, Wood & Company has a solution in place that allows the company to multiply its business capacity and improve operational security while meeting specific local Eastern European requirements. The Calypso platform offers Wood & Company a solution for securities, treasury, fixed income and derivatives within one integrated application that has enabled the bank to replace a number of existing systems in the middle- and back-office environment. The Calypso system allows Wood & Company to monitor, plan and report on the balance and flow of cash and securities accounts, as well as allocate expenses to transactions according to selected parameters and report the required details.
Andrea Ferancova, Partner & Director of Capital Markets at Wood & Company, explains, "Implementing the Calypso system will enable us to grow our business while keeping costs under control. Conservatively speaking, the platform will improve our operational efficiency by 75% and will save us 25% in operations resources. We have gained real savings in areas like cash management, and we can now direct our resources to developing value-added customer services. By working with Calypso Technology, we can better serve our clients by being able to introduce new products quickly and know that they will be supported throughout the transaction lifecycle. The Calypso system is not only cost effective, but it brings additional value to our organization."
The first phase of the implementation project was completed within budget and within the set time frame of six months. This was achieved by Calypso Technology experts working closely with the bank's business users, IT resources and project management as a unified team. Phase two and three of the project will focus on adding more products and risk ffunctionality to support the brokerage business, as well as including more processes for settlement, accounting, collateral management, fund management and asset management. The Calypso system will connect to the local exchanges and counterparties via SWIFT and specific protocols. Upon completion of phase three, the bank will be able to monitor the entire trade lifecycle across all products in real time, enabling accurate risk analysis and transparent reporting.
Charles Marston, CEO of Calypso Technology, comments, "We are very excited to work with a leading investment banking house like Wood & Company, and to see the increasing demand coming out of Central and Eastern Europe. Calypso Technology remains committed to offering top-of-the-line solutions to this growing market."