Bank Danamon goes live with Misys Summit FT

Source: Misys Banking Systems

Misys Banking Systems has today announced that Bank Danamon in Indonesia has gone live with Misys Summit FT - the .NET smart client version of Misys Summit, its market leading treasury and capital markets solution.

Misys Summit FT handles all the transaction management requirements across Bank Danamon's operations helping the bank to significantly expand its treasury and capital markets operations, particularly in the lucrative structured products market.

The bank, which is majority owned by Singapore-based Temasek Holdings, is the first customer in Asia to go live with Misys Summit FT. The 64-user system has been deployed at its headquarters in Jakarta, Indonesia and includes the latest technology for trading and processing interest rate derivatives, credit derivatives, fixed income, treasury and equity transactions. The single solution spans all parts of the bank from back office through to the front office, including trading, risk management and issuance, and all operations through to settlement.

Bank Danamon also needed a solution that could handle highly complex instruments and structured deals with multiple cross-asset underlyings. Particularly, Misys Summit FT's proven capability in popular Asian products such as Power Reverse Dual Currency (PRDC) swaps, multi-callable dual currency range accrual swaps and multi-currency equity best-of-performance linked notes were critical in the agreement. Misys Summit FT was able to handle these without the need for additional custom programming.

Misys Summit FT uniquely exploits the latest Microsoft smart client technology, .NET, to provide a flexible, real-time trading environment. It offers users the power to personalise their individual workspace - specifying the contents, arrangement and behaviour of each view. These composite pages can include any Misys Summit applications as well as external applications such as Microsoft Excel, Internet Explorer or report writers, such as Crystal Reports.

The Misys implementation team worked closely with the bank's staff to ensure that Misys Summit FT integrated seamlessly with the existing mission-critical applications, such as Reuters 3000 and Bloomberg Trading System. Misys Summit FT maximises the personal productivity of both the traders as well as the back office staff at Bank Danamon, producing all the necessary real-time data, risk reports and calculations needed for the best business decisions in the fastest time.

Theresia Tristini, VP, Information Technology at Bank Danamon comments, "Misys Summit FT has given us the world-class tools to enable our traders to keep ahead of the market. We can now innovate faster and increase our margins on complex products as well as reduce our IT infrastructure costs and increase operational efficiencies with faster processing of vanilla, high volume trades. We look forward to working closely with Misys and emulating the success here in other Asian countries."

Alan Railton, Sales Director, Treasury and Capital Markets for Misys Banking Systems in Asia, adds, "Flexibility, speed and accountability are crucial to treasury and capital markets participants. We have a first-class product in Misys Summit FT and we are very pleased to be able to provide Bank Danamon with the right solution for its continued success and expansion plans."

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