SS&C Technologies, a global provider of financial services software and software-enabled services, today announced that Sunstate Bank, headquartered in Miami, Florida, has selected Lightning, SS&C's full-service capital markets SaaS solution to support fixed income trading, funding and safekeeping services.
In order to grow its investment and safekeeping business and further enhance the services it provides to private banking clients, Sunstate needed a low cost, easy-to-implement solution that would allow staff to focus on business growth rather than administration. SS&C's Lightning will help Sunstate expand this area of its business while keeping costs to a minimum.
"Lightning will allow us to automate tasks such as administrative processing, keeping information on all our custodians, issuing statements, confirmations, 1099s and performing repo pledge processing, all on an integrated SaaS platform," said Fabricio Macastropa, Vice President of Investment Operations for Sunstate Bank. "With the SS&C Lightning application, we are well positioned to grow our business and provide flexible service options for our clients."
Sunstate has licensed SS&C's Lightning Trading, Funding, Safekeeping, DDA General Ledger and Web Portal modules and will benefit from a solution that links front, middle and back office processes. Lightning's information portal will also help to streamline communications particularly for clients based in Latin and South America.
The decision to implement Lightning builds on Sunstate's existing relationship with SS&C as it already uses SS&C's PortPro for bond accounting, reporting and analytics.
"Sunstate was looking for a true technology partner to help it grow its business. This project further strengthens our strong relationship and we are confident Lightning will deliver significant productivity gains as well as great customer service, supporting the bank in its future growth," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.