London, January 2001 - Alliance & Leicester plc has selected Summit Systems to upgrade its trading and support systems in its group treasury subsidiary. A two-phase project to rollout Summit for 45 users is scheduled to begin January 2001, with derivatives functionality earmarked first. Summit’s integrated transaction platform will replace and supercede two existing front and back-office systems used for derivatives, FX, MM and capital market instruments. Summit’s integrated transaction platform will be put to work managing not only internal treasury activities for the Group—which includes its commercial banking subsidiary, Girobank—but also trading activities in connection with interbank and corporate clients.
The Group has opted to take advantage of Summit's multiple operating system and database engine options, choosing the Windows NT platform for front-end applications and selecting the Oracle database engine running under Sun Solaris (UNIX).
Head of Group Treasury Operations, Gerry Lane, commented: "Summit was selected as an integrated solution for trade processing, risk management and accounting that would most effectively meet the needs of Alliance & Leicester Group Treasury as its business evolves."
According to U.K. Sales Manager Andy Sanderson, "The A&L implementation is a very good example of how clients can simultaneously consolidate systems, achieve cost savings and gain needed functionality while enjoying the technology platform and connectivity options they like."
This deal, along with others being announced in treasury, fixed income, and derivatives businesses, continues Summit’s aggressive strategy of providing comprehensive, front-to-back transaction processing support for customers with fixed income, treasury, derivatives, and commercial lending businesses.
Alliance & Leicester plc is a substantial financial services group with over 5.5 million retail and over 50,000 corporate customers. It is listed on the London Stock Exchange and is an authorized banking institution in the United Kingdom. The principal business activities of Alliance & Leicester plc are mortgage lending and investments, personal banking, commercial banking and Treasury & Group; the latter comprises the specialist Group Treasury subsidiary company.
Summit Systems, Inc. is a recognized worldwide leader in providing front-to-back transaction processing support for fixed income, treasury, derivatives and commercial lending businesses. It provides integrated trading, operations and enterprise risk management software to banks, financial institutions, and capital markets participants worldwide. Summit, with headquarters in New York and full-service offices in Paris, London, Frankfurt, Tokyo, Hong Kong and Sydney, is a wholly owned subsidiary of Misys, plc, the world leader in banking software solutions.