BBK trades money markets, FX swaps and outrights, and derivatives, including fixed income and externally managed funds. BBK will interface Quantum with its existing trading and risk management and core banking system, to form a straight-through processing system designed to handle high volumes with minimal manual intervention.
BBK chose Quantum for its flexibility and capabilities as well as its ability to handle its expected growth over the next decade. In SunGard it sees a technology provider that is able to adapt to changing markets as well as provide first class services that will be passed onto its clients.
A primary requirement was for a solution that would integrate smoothly with the bank's existing IT infrastructure. "Quantum caters for all of our back-office operations, and it is very user-friendly. It's an open system that interfaces well with BBK's Windows NT infrastructure. Quantum has a very sophisticated risk management engine, which is important," said Mahmoud Abdul Aziz, senior manager, BBK.
Advanced Financial Solutions (AFS), a software solutions and consultancy firm for financial institutions in the Middle East, worked with BBK to define their requirements. It is now working with both BBK and SunGard on the system implementation. Commenting on the project, Juan Jarjour, managing director of AFS, said, "Quantum has proven to be a perfect solution for banks looking for an integrated treasury and risk management system and the prestigious BBK is an important reference account in the Middle East."
"We see the relationship with BBK as a partnership. This relationship adds a significant name to our growing list of clients in the Middle East," said Jon Purr, managing director for Europe, Middle East and Africa, SunGard Treasury Systems.