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Bank of Scotland Goes Live with Summit FX

London, U.K., August 13, 2001 - Bank of Scotland Treasury Services PLC (BOSTS), a wholly owned subsidiary of the Bank of Scotland, has completed a phased implementation of Summit’s integrated front and middle-office FX solutions for more than 100 users. The rollout, which went live with FX trading in June, covers all of BOSTS’ trading areas at its London and Glasgow sites and replaced existing Remos and Oberon systems with a single, integrated high-volume solution.
Bank of Scotland is the first organisation to go live on the latest version of Summit’s real-time credit risk system, which gives traders and risk managers an instant view on their exposures via the same distributed architecture that powers Summit’s real-time trade position screens. The implementation-the result of a successful partnership between a core project team from the bank and resources from Summit’s Business and Technical Consulting Group-includes comprehensive support for FX trading, money markets, derivatives and bonds. BOSTS’ software installation incorporates real-time trade feeds from Reuters Dealing 3000 and EBS, plus a direct interface to the bank’s existing back office system.
Angus Cameron, Deputy Chief Executive of Bank of Scotland Treasury Services said, "We wanted a single system across the dealing operation, and Summit provided the core software, enhancements and problem resolutions in a timely and efficient manner. We feel that the close relationship that the bank and Summit have maintained at all levels throughout the implementation enabled us to ensure that any potential problems were spotted early, leading to an implementation that ran very smoothly."
UK Sales and Marketing Director Andy Sanderson commented, "In the wake of other successful implementations of Summit’s FX software, Bank of Scotland’s use of Summit across the whole of their treasury operations reinforces the market’s realisation that Summit is a powerful solution for all areas of treasury operations in addition to being a leading player in the interest-rate derivatives field.
"Our commitment to on-going investment in development, both in functional and technical areas," Sanderson continued, "is again paying dividends for Summit and its client base." He stressed: "There is no room for complacency in this market. Our continuing work with clients like Bank of Scotland will further refine and extend our product offerings. We intend to remain uniquely placed to serve the needs of other banks who wish to adopt the more efficient business model employed by Bank of Scotland, which applies systems integration techniques to business lines—and their supporting software systems and procedures—to streamline operations and reduce costs."