FHLB Chicago Consolidates Capital Markets Systems on to Misys Summit FT
By Misys Plc, PRNETuesday, August 10, 2010
Streamlined Operations Provides Better Service to its Customers
LONDON, August 11, 2010 - Misys plc (LSE: MSY), the global application software and
services company, today announces that the Federal Home Loan Bank (FHLB) of
Chicago has completed the final phase of its implementation and is fully live
with Misys Summit FT to manage its core business. The bank has retired many
in-house, legacy and third-party systems and now manages a broad array of
asset classes predominantly using a single platform developed on the latest
.Net technology.
FHLB Chicago has benefited from Misys Summit since 2004. The
latest phase provides a more streamlined operation, front to back, and
significantly greater asset-class coverage. The bank now uses Summit FT to
process the wide range of trades it executes, covering advances, structured
products, money markets, bonds, OTC derivatives and exchange-traded
instruments.
John Stocchetti, EVP, Operations and Technology from FHLB
Chicago, comments, "Misys Summit FT significantly improves the efficiency of
the way we operate and account for our entire business. We have been able to
consolidate many of our existing systems on to a single platform and
streamline operations, allowing us to be more responsive to our customers and
positioning us to more effectively handle future challenges."
Sean Motley, Head of Professional Services for The Americas,
Misys adds, "FHLB Chicago joins a growing list of Misys customers that have
made the decision to take advantage of the additional functionality and
improved efficiency that Summit FT brings them. Our experienced professional
services team has worked very closely with the team at the bank to ensure the
system met expectations."
At FHLB Chicago, Summit FT is used from the front office
through the back office. It handles trade entry and maintenance, prospective
and retrospective hedge testing, accounting, operational reporting, cash
settlements and management reporting. Summit FT interfaces to multiple
systems, including the bank's general ledger, market data services, and
various data warehouses within the bank. Summit FT also delivers structuring
capabilities for loans made to FHLB Chicago customers, as well as calculating
all valuations for accounting and FAS133 testing and hedge relationships for
fair value and benchmark. The solution uses state-of-the-art technology
providing more flexibility, better customisation and improved productivity.
About FHLB Chicago
The Federal Home Loan Bank of Chicago is an $87.7 billion, cooperatively
owned wholesale bank and government sponsored enterprise that provides
housing finance to almost 800 member insurance companies, commercial banks,
savings institutions, and credit unions located in the 7th Federal Home Loan
Bank District of Illinois and Wisconsin. The U.S. Congress created the
System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing
finance, but each Federal Home Loan Bank is wholly owned by its member
institutions. For more information on FHLB Chicago, visit
www.fhlbc.com.
About Misys plc
Misys plc (LSE: MSY), provides integrated, comprehensive solutions that
deliver significant results to organisations in the financial services and
healthcare industries. We maximise value for our customers by combining our
deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with
over 1,200 customers, including all of the world's top 50 banks. In
healthcare, Misys plc owns a controlling stake in NASDAQ-listed
Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision
of healthcare technology, serving more than 150,000 physicians, 700 hospitals
and nearly 7,000 post-acute and homecare organisations. Misys employs around
6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services
company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: www.misys.com
For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking and Treasury & Capital Markets +44-(0)20-3320-5530 edward.taylor@misys.com Sebastian Mathews Financial Dynamics +44-(0)207-269-7158 sebastian.mathews@fd.com
For further information please contact: Edward Taylor, Global Head of Public Relations, Misys, Solutions for Banking and Treasury & Capital Markets, +44-(0)20-3320-5530, edward.taylor at misys.com. Sebastian Mathews, Financial Dynamics, +44-(0)207-269-7158, sebastian.mathews at fd.com
Tags: August 11, London, Misys plc, United Kingdom