World Bank Rolls Out Summit-Supplied Back-Office System
The World Bank’s Treasury Department has announced the rollout of a major back office system supplied by New York-based Summit Systems, a subsidiary of Misys plc. Supporting a wide range of instruments-bonds, money markets, repos, mortgage-backed securities, interest-rate derivatives, futures and listed options-the new back office system provides the infrastructure necessary for the bank’s proprietary trading activity, third-party trades, and other investment activities. The new back office system is part of a continuing and successful partnership between The World Bank and Summit, which began in 1997 when Summit front-, middle-, and back-office modules were deployed to support the funding operations for the two largest members of The World Bank Group: the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC).
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