Source: Wall Street Systems
Wall Street Systems, Inc., a leading provider of global treasury and capital markets solutions and services, has expanded its presence in Asia following the announcement that United Overseas Bank (Thai) Public Company Limited [UOB (Thai)] is live with The Wall Street System.
The implementation provides the bank with full front- to back-office processing for foreign exchange (FX) and money markets transactions, bringing major benefits of consolidated risk management while increasing operational efficiency through high levels of straight-through processing.
United Overseas Bank (UOB) in Singapore has been a client of Wall Street Systems for five years, and UOB (Thai) is the second regional satellite of UOB to go live on The Wall Street System following on from UOB Hong Kong. Like UOB Hong Kong, UOB (Thai) is using The Wall Street System for all FX transactions, including spot, forward, swaps and pro-rated time options, and also money market transactions, including interest rate swaps and cross currency swaps.
UOB (Thai) was formed in November 2005 following the integration of UOB's existing Thailand entity UOB Radanasin Bank with newly-acquired Bank of Asia. Wall Street Systems successfully migrated UOB Radanasin Bank to its global treasury platform in early 2005 and ensured that trading continued seamlessly during the integration with Bank of Asia and the subsequent launch of UOB (Thai). As UOB continues its expansion strategy across Asia, it plans to roll out The Wall Street System to further regional hubs to support the integration of risk management and the centralization of operations processing.
"Through the migration to a single trading and risk management platform we will benefit from increased efficiency, scalability and flexibility," said Susan Hwee, executive vice president (Information Technology) at UOB.
Mike Thrower, director of marketing for Wall Street Systems, said, "Our proven service excellence and support underpinned by our expertise in the Asian market ensures that we can offer our customers the ability to build an enterprise-wide cross-asset class architecture that spans the transaction lifecycle. We are pleased that UOB is expanding the use of our solution which has been designed and developed to meet Asia's regional treasury requirements."