Barclays, a London-based bank with $360 billion in assets, is the third largest bank in the UK by assets and one of the largest banks in the world by market capitalization. It is a leading provider of current accounts and mortgages in the UK and a leader in the European credit card industry.
Barclays selected BancWare because it wanted one solution to support a broad spectrum of financial risk management activities, from data management, margin simulation and profitability analysis, to advanced asset liability analysis across multiple lines of business and currencies.
Barclays will use BancWare Insight to collect, clean and synthesize transaction level data from various business lines, helping to ensure the quality and consistency of the data. BancWare Convergence will then model the data under a number of different interest rate scenarios to provide comprehensive income simulation and market valuation. Advanced balance sheet modeling will be performed using BancWare OAV term structure modeling and advanced behavior modeling capability.
Brandon Davies, head of retail market risk management at Barclays, said, "We selected BancWare because SunGard was the only vendor with proven,referenceable solutions matching our distributed environment. BancWare provides a robust, flexible platform for financial risk management, planning, asset liability management and advanced analytics. This integrated solution will enable us to enhance our existing strength in modeling multiple business lines using a common platform with consistent, reliable data. SunGardâs global reach, local support, financial strength and reputable client base makes it a vendor partner that we feel confident working with over the long term."
Jim Ashton, chief executive officer of SunGard Trading and Risk Systems, said, "With the addition of Barclays to its client list, BancWare extends its leadership position among Europeâs top banks. Five of the top seven UK banks, including Barclays, rely on BancWare to manage their entire balance sheet. These clients not only benefit from the dependable high performance of BancWare solutions, but also from SunGardâs many local client support teams and from the collective strength of SunGard Trading and Risk Systems across Europe."