SwapsTech today announced that it has signed a Software Services Agreement to provide the bank its cloud-based, end-to-end foreign exchange global payment platform, multi-currency accounts, and loan processing system. SwapsTech will deliver leading-edge solutions to Manufacturers Bank customers looking to leverage the new foreign exchange global payments technology.
About the Solution
SwapsTech will provide full-service implementation and software hosting to address Manufacturers Bank’s Capital Markets Trading, Risk Management, Post-Trade Processing while complying with Regulatory Requirements. This solution is a cutting-edge cloud service that digitizes the workflow to optimize controls, and increase efficiency while providing straight through processing. The solution leverages some powerful, cutting edge technologies, and includes the foreign exchange trading and risk management system FX STAR™ Desk, post trade processing system FX STAR™ Office, client facing portal FX STAR™ Web, multicurrency accounting system MCA STAR™, and multi-currency loan processing system LOAN STAR™, all of which will run on a private cloud platform for Manufacturers Bank.
“We are excited to service and partner with Manufacturers Bank, a growing institution in our fastest growing market – California. Our STAR suite of products will elevate profit margins by creating new revenue streams, increasing operational efficiencies, and improving customer experience,” said Booshan Rengachari, Founder & CEO of SwapsTech.
“This is an important strategic initiative aimed at developing new customers while broadening our product offering,” said Mr. Gabriel Aguirre, Vice President & Manager of International Operations Department for Manufacturers Bank.
“This service will deliver advanced technology, streaming rates, white label capabilities, and a client portal that will appeal to today’s customer needs. Our customers are always seeking tailored solutions to address their changing needs. This new technology showcases Manufacturers Bank’s innovation by bringing sophisticated solutions to our customers.” said Karen Abajian, EVP, CFO at Manufacturers Bank.
SwapsTech based in Charlotte-NC and was founded by a group of passionate Capital Market Engineers with a vision to provide a cloud-based, end-to-end Capital Market Technology Solutions platform delivering innovation to financial institutions. Unlike legacy technology platforms that are expensive to maintain and prevent agile response to market conditions, SwapsTech’ clients take back control of their business by quickly implementing, extending, and digitizing the processes. SwapsTech platform is built using proprietary plug & play, and hyper-scalable technology that is not only addressing today's problem but also flexible to address tomorrow's ever-changing landscape.
Manufacturers Bank, a California commercial bank with total assets of $2.6 billion, is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation (SMBC), which in turn is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). Manufacturers Bank has been operating mainly in Southern California, consistently delivering tailored financial solutions that enhance the economic well-being of its middle market customers. Bauer Financial Inc., an independent bank rating company, has awarded its highest depository rating, Superior 5 Star, to Manufacturers Bank. Manufacturers Bank is headquartered in Los Angeles and operates from branch offices in Downtown Los Angeles, Little Tokyo, Beverly Hills, Encino, Warner Center, Glendale, San Jose, Torrance, Newport Beach and Brea.