Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, today announced The Huntington National Bank has signed for its Electronic Settlement Network service (Wallstreet ESN), the full front to back office trade processing service for the capital markets.
Huntington will use a wide range of Wallstreet ESN's foreign exchange functionality including the FX Sales and Trading tools, position management, e-trading, e-operations, back office, SWIFT interface, accounting and more.
The deal demonstrates Wallstreet ESN's growing appeal in the North American regional banking market. Huntington, a $52 billion regional bank holding company headquartered in Columbus, Ohio, follows closely on the heels of Regions Bank, one of the largest full-service providers of consumer and commercial banking that was the first to go live with Wallstreet ESN. In both cases, Wallstreet was able to effectively overcome the legal, technological and regulatory challenges faced by U.S. banks regarding data privacy and security related to a hosted service.
The hosted nature, subscription-based pricing and scalability of Wallstreet ESN were well-suited to Huntington's goals for expansion, according to James Barron, Managing Director of Currency Risk Management. Wallstreet and Huntington worked closely to develop an aggressive delivery timeline that will be based on an established best-market practice configuration that forms the basis for every Wallstreet ESN implementation. This configuration allows the bank the flexibility to tailor the Wallstreet ESN solution to its needs while expediting decisions that are known standards within the regional banking market.
"The focus of Wall Street Systems has always been about offering the newest and most innovative tools and solutions with the goal of streamlining operations and improving productivity," said Mike Thrower, Head of Banking Sales, Wall Street Systems. "We are thrilled that we are able to provide solutions to Huntington's objectives: full automation, complete portfolio and position analysis, better workflows and greater visibility throughout the entire operation."
"The Web is a great medium for leveling the playing field if leveraged correctly - mid-tier players can operate just as effectively as the largest institutions," said Mike Thrower regarding how Wallstreet ESN and other solutions can bolster banking operations and facilitate post-trade processing for regional banks like Huntington and other Wallstreet clients such as Regions, Fifth Third and Citizens.