Sumitomo Trust & Banking Co. (U.S.A.) provides global custody services and securities lending services to its customers. In line with strong business growth, and increased investment in non Japanese Yen instruments, the volume of FX deals has increased dramatically. In order to support a variety of its customer's trading scenarios, Sumitomo Trust & Banking Co. (U.S.A.) has decided to invest in FX process automation to increase the efficiency of existing business processes and enable the business to grow.

Following a detailed evaluation, Sumitomo Trust & Banking Co. (U.S.A.) found the FX deal processing and integration capabilities of IT/2 comprehensively met their needs and provided many opportunities to extend process automation.

Sumitomo Trust & Banking Co. (U.S.A.) will use IT/2 for efficient straight-through processing of FX transactions. IT/2 will be integrated to the banks custody system for funding requirements download and SWIFT for deal confirmation.

"Sumitomo Trust & Banking Co. (U.S.A.) liked the user friendliness and flexibility of IT/2 which we found provides a cost effective FX straight-through processing solution with a low risk implementation. In addition, SimCorp's IT/2 can be integrated at low cost and produce immediate benefits by lowering operational risk and reducing processing costs", said Michael Sweeney, Head of Settlements at Sumitomo Trust & Banking Co. (USA).