More NewsSummit Mandated to Improve STP at FHLB

Summit Mandated to Improve STP at FHLB

The Federal Home Loan Bank (FHLB) Boston is to implement Summit’s system to manage the bank’s investment and funding portfolios along with its associated hedging activities. A phased rollout will be conducted with the assistance of Summit’s Consulting Services Group and is planned to conclude in Q4 of 2004. The new integrated software platform will provide the bank with a real-time STP environment that includes trading, risk management and back-office processing support for a wide array of fixed income securities (including mortgage-backed), money market instruments and interest-rate derivatives, according to Summit. Commenting on the decision, Kelly LaCava, Vice President Information Technology at FHLB, said: ‘The operational inefficiencies associated with operating and maintaining a number of product-specific applications is undesirable for any bank. We needed to simplify our processes and environment by standardising on a single front-to-back STP software platform.’

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