Derivative Path chose Reval's outsourced service, Reval Center, to provide award-winning hedge accounting service to its regional and community bank clients, the companies announced today.
Reval is a leading global provider of Software-as-a-Service solutions for Treasury and Risk Management.
"Our aim is to ensure that banks aren't stymied by the headwinds of regulatory change in the over-the-counter derivatives market," says Derivative Path Co-founder and Co-CEO Pradeep Bhatia. "By leveraging Reval's unmatched hedge accounting expertise and robust SaaS platform, we can offer a more powerful solution to banks that don't have the technology or the in-house accounting expertise to handle the complexities of using OTC derivatives. We looked at several other providers to complement our state-of-the-art trade pricing and portfolio management services, but none had the depth of reporting capabilities and expertise around hedge accounting that Reval has. Reval will enable our clients to access the market and feel confident that their trades will be properly accounted for."
Derivative Path currently services banks and their use of interest rate swaps and other derivatives in the management of interest rate risk. Leveraging Reval's Software-as-a-Service platform, Derivative Path will be able to scale in size and in asset class coverage, and will always benefit from the most current version of the software, enabling their clients to meet continuously evolving compliance requirements.
Reval was founded in 1999 specifically to bring an internet solution to the underserved corporate treasury market struggling to meet stringent new hedge accounting requirements. Over the past 15 years, Reval continued to broaden its offering to a comprehensive and integrated suite of Treasury and Risk Management solutions on a single-version SaaS platform. It continues to lead the market in solutions that help companies comply with rules governing the use of derivatives, such as those mandated from Dodd-Frank in the U.S. and the European Market Infrastructure Regulation (EMIR).
"We have a long history with the experienced leaders of Derivative Path and are happy that they are continuing to put their trust in Reval," says Reval CEO and Co-founder Jiro Okochi. "The team at Derivative Path has decades of capital markets experience, and now, leveraging Reval's expertise in hedge accounting, they will be able to serve their clients well across all aspects of the derivatives business."