– Implementation is a good fit with bank’s strategic plans for growth –
New York and London, May 17, 2005 – Leading provider of global treasury and capital markets solutions, Wall Street Systems, today announced that Northern Rock, the eighth largest UK bank by market capitalization, will be implementing The Wall Street System® treasury and capital markets solution at its head office in North East England to support its Group Treasury Operations. The contract was signed on February 28, 2005. Work commenced immediately with go-live planned for 2006.
The solution will support Northern Rock as it continues its drive for profitable growth and cost efficiency. Northern Rock will install a wide range of front, middle and back office modules from Wall Street Systems. They will be using The Wall Street System to process the transactions required for short and long term funding, including securitization issues and covered bonds, securities investments and derivatives. Northern Rock will achieve its project aims to invest in a technology solution that matches not only its current demands but provides a cost-effective solution to support its stated aim of strategic growth.
"After a comprehensive selection process, we chose Wall Street Systems due to its ability to provide a single platform that can support the increasing diversification of financial products, while at the same time delivering a robust operational solution that meets the requisite levels of control and transparency demanded by the regulators," said Steve Johnson, Deputy Treasurer, Northern Rock.
"Increasing regulation and the escalating range of instruments we use has driven this initiative to review our technological needs. The Wall Street System will support our growth objectives and by working closely together, we will both benefit from future developments. Wall Street Systems’ experience and focus in treasury and capital markets was key in the selection process."
Northern Rock will be implementing the Hedge Compliance Module, to assist in maintaining compliance with International Accounting Standard (IAS) 39. Wall Street Systems will also be providing a managed service to help support the day-to-day technical activities required to run the system.
"Northern Rock is an important win for Wall Street Systems as it demonstrates the breadth of our solution capabilities – spanning from front to back office and across all asset classes. Sustained growth is fundamental for Northern Rock and Wall Street Systems will provide a solution to help them meet this requirement," said Mike Thrower, marketing director, Wall Street Systems.
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