Calypso Provides Front-to-Back-Office Support for Riyad Bank
Riyad Bank, one of the largest financial institutions in Saudi Arabia and the Middle East, has selected Calypso Technology to provide treasury operations and structured product front-to-back-office support.
The Calypso system will be rolled out cross-asset in the bank’s operations to support structured products and hedge accounting. The company added that it regards the selection as a major win in Saudi Arabia, a leading centre in Islamic finance.
Riyad Bank aims to update front-to-back-office systems and operations and will change from a process based operating model to a more efficient exception-based one, significantly improving its straight-through-processing (STP) rate. The bank will also align its treasury operations with international and Islamic financial industry standards. Calypso will support the cross-asset requirements of the bank’s business covering its foreign exchange (FX) (cash and derivatives), money market, interest rate derivatives, fixed income and commodities (including precious metals and derivatives) operations.
Key factors in the selection were Calypso’s cross-asset, flexible solution with its enhanced operational capabilities and high level of STP.