New York, February 27, 2002 – Banco de Bogotá, Colombia’s second largest bank, has signed with Summit Systems to provide a complete front-to-back platform for their fixed income and treasury operations. A progressive organization in the South American financial arena, the bank will replace several legacy systems with Summit’s integrated transaction platform in its Bogotá, Colombia headquarters office.
The bank will rely upon the new system to support trading activities in bonds, repos, foreign exchange spot, forwards and swaps, fx options, money market instruments, and FRAs. The new front office capabilities include trade capture, pricing, and portfolio analysis, while back office functionality encompasses automated documentation, cash settlements, and accounting for all instruments. Selected risk management options include credit risk monitoring tools and an integrated limit server to control counterparty limits. The bank also purchased Summit’s API Toolkit—for adding customized functionality—and Summit Gateway, which enables easy importation of data from a variety of sources in real-time.
Commenting on why Banco de Bogotá chose Summit over other established international vendors, Germán Salazar, VP of Treasury and International Trading, said: "Following extensive evaluation of several vendor packages, we found Summit provides the most comprehensive front-through-back office capabilities and open technology platform for meeting the growing needs of our treasury operations. Summit will provide Banco de Bogotá with sophisticated trading and risk management tools—as well as automation of our back-office processing and accounting functions—that will enable us to significantly expand our business. In addition, Summit has demonstrated an excellent commitment to addressing Colombian market conventions and to providing top-notch support resources that will enable us to obtain increasing value from the system as our business grows."
Ralph Herdman, sales executive in Summit’s New York office, said: "We are very excited to be working with such a forward-thinking organization as Banco de Bogotá as we expand our presence in the South American financial markets. Summit excels at delivering technology solutions which can be readily adapted to financial markets around the world, and which can further be customized through our extensibility tools to meet a client’s specific business requirements. We look forward to a long-term relationship with Banco de Bogotá that will deepen with the growth of the bank’s capital markets activity."