Calypso Technology, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that the Federal Home Loan Bank of San Francisco (Bank), has selected Calypso Technology's front-to-back office system to support its front office trade origination, valuation, accounting and back office processing activities.
The Bank, a wholesale lender, is privately owned by its member financial institutions, which include commercial banks, savings institutions, credit unions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
Lisa MacMillen, Chief Operating Officer of the Bank, explained the investment in the company's infrastructure as a means to increase efficiency throughout the organization. "Our objective was to select a single vendor solution that supported front office trading through to back office processing," she said. At the same time, the Bank needed a solution that could support its current broad range of financial products and services.
In selecting the Calypso system, the Bank chose to work with a vendor that had delivered a proven application technology for companies with similar requirements. Specifically, the Bank wanted a solution that was capable of supporting transactions for structured trades, member advances, and mortgage-backed security investments; and that could also perform the associated back office processing. Furthermore, the Bank sought a system with enough flexibility to accommodate future needs.
Following an extensive vendor selection process, the Bank chose the Calypso system to replace a number of internally- and externally-developed applications with a solution that will deliver key elements of straight-through processing, which will allow the Bank to process transactions with little or no manual intervention.
Charles Marston, Chairman and CEO, Calypso Technology, expressed his delight to be working with the Federal Home Loan Bank of San Francisco. "Our regional teams will support and work closely with the Bank to deliver our award-winning, state-of-the-art solution designed to meet their stated objectives. The Bank is an important part of the nation's banking system, and we're pleased to be able to help them deliver the highest level of service to their member financial institutions," he added.