Standard Chartered Bank’s Consumer Banking and Wealth Management Group (“SCB”) has implemented the Spectrum Private Banking solution from Financial Software Systems. This successful project expands SCB’s Private Banking business following the acquisition of American Express Bank in February 2008. Spectrum Private Banking is a comprehensive solution for managing client accounts and trades, and the bank’s global private banking operations.
SCB is using Spectrum Private Banking to manage its collateralized crossproduct trading business. With this deployment, Spectrum has become the first commercial implementation of a real-time, cross-product margining solution in the private banking sector.
Spectrum is a critical component in SCB’s strategy to rapidly expand its Private Banking business. With trading centers in London, Singapore and Hong Kong, and using the multi-branch capabilities of Spectrum, SCB is offering its clients 24-5 trading of a wide variety of collateralized products. Spectrum Private Banking allows SCB’s clients to take collateralized positions in FX (Spot, Forwards, Swaps), FX Options (Vanilla, Single and Double Barriers, Digital, Single and Double Digitals, Accumulators), Equity, Bond, Equity Option, Bond Option and Money Market contracts with real time collateral and credit monitoring.
SCB is one of the largest financial institutions in the world, with total assets of over USD 400 billion and a network of over 1,700 branches and outlets in more than 70 countries across the Asia-Pacific region, South Asia, the Middle East, Africa, Europe and the Americas. With the acquisition of American Express Bank, SCB's Private Bank is now working to integrate the best elements of the two bank's financial products, client service processes and technologies.
Spectrum provides complete Wholesale and Private Banking trade management functionality for foreign exchange, interest rate, equity and derivative products. Of particular importance for SCB’s Private Banking business, Spectrum contains industry-leading technologies for managing credit and collateral relationships, and for managing, monitoring and reporting client trading activities. Spectrum is distinguished by a unique middle-tier calculation engine and a unique middle-tier data distribution service.
Spectrum's calculation engine provides instantaneous calculation of clients' limits and/or collateral requirements, and makes possible real-time limits and collateral checks.
Spectrum's data distribution service connects the Spectrum data engine to a wide variety of position management tools and allows Spectrum to scale globally. Spectrum is a multi-lingual system that provides real-time web reporting capabilities for client statements and notices.
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