New Zealand Mint Selects Triple Point to Support Expanding Bullion Operations
Singapore - 1 October 2010
Leading precious metals software for banks participating in physical bullion markets captures non-banking market
Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that New Zealand Mint Limited (NZ Mint) has selected Commodity XL for Precious Metals™ to manage trading, bulk gold vaulting and coin inventory, and regulatory compliance for its growing bullion trading operations.
Located in Auckland, New Zealand, NZ Mint is one of five private mints in the world and was recently awarded bullion-minting contracts for several Pacific Island governments. Coupled with growing export businesses to North America, Russia, and Continental Europe, NZ Mint is experiencing massive growth in trade volumes and product offerings.
“The precious metals market has high price volatility; a complex physical supply chain including procurement, inventory management, stock transfers, sales, delivery and settlements; and stringent regulatory requirements,” said Michael O’Kane, head trader – bullion, New Zealand Mint. “Add to that New Zealand Mint’s growth in local and international markets and you have the drivers for our decision to adopt the Triple Point solution. Because Commodity XL™ is already proven in the most rigorous treasury markets in the world, our staff can concentrate on new business and less on administration.”
Commodity XL for Precious Metals is the leading software solution for financial institutions participating in the physical bullion markets to manage retail and treasury operations. Triple Point’s precious metals customers include Axis Bank; Canara Bank; HDFC Bank; ICICI Bank; Kotak Mahindra Bank; ScotiaMocatta; and State Bank of India. Additionally, Triple Point has seen rapid growth in non-banking corporations licensing its precious metals solution, with New Zealand Mint, Su-Raj Diamonds, the Indian Bullion Market Association, and Diamond India recently becoming customers.
“Triple Point’s proven and well-respected solution among financial retail and treasury bullion markets has made it the de-facto platform for non-banks to profitably manage similar complexities in their precious metals business,” said Simon Woods, managing director and chief customer officer – Asia Pacific, Triple Point. “We welcome New Zealand Mint as a customer and value the opportunity to support its expanding operations.”