Extended Deal to Boost Islandsbanki's STP Capabilities
Islandsbanki has signed a contract with CBA for use of a broad spectrum of new straight-through processing products. According to CBA, one of the main objectives of the deal – which will see it provide additional IBAS components to the Icelandic Bank – is to further improve Islandsbanki’s STP automation. It hopes to do so by involving STP more centrally in the bank’s foreign exchange trading activities. Islandsbanki will purchase CLS third party solution for FX spots, forwards and swaps, a new application for forward rate agreements and other components to strengthen the STP interface between IBAS and Islandsbanki’s front office system Reuters Kondor+.