NEW YORK, February 20, 2003â SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Italyâs Cassa di Risparmio di Firenze (Carifirenze) has gone live with Panorama in just over three months. The implementation at Carifirenze includes trade processing, payments, confirmations, general ledger postings and regulatory reporting of OTC interest rate derivatives. At project completion, Panorama will provide fully integrated back-office processing for interest rate, foreign exchange and equity derivatives.
Based in Florence, Carifirenze is the largest independent retail bank in Tuscany with a network of 420 retail branches. Servicing both its retail and corporate customersâ needs, as well as the bankâs own funding requirements, the bank operates a dealing room for hedging FX, interest rate and equity risk and execution of client-driven derivative business.
Carifirenze selected Panorama to achieve straight-through processing of its OTC derivative activities, and to provide reporting to the Bank of Italy and real-time entries to its accounting systems. Previously, the bank was managing its back-office with costly and time-consuming manual processes. With the implementation of Panorama, the bank seeks to speed up processes, reduce errors and lower processing costs. Panorama will be delivered through a partnership with Banksiel, a Telecom Italia company, which is a leading systems integration company in Italy for implementation projects in finance. In the Carifirenze project, Banksiel is responsible for the integration, start-up and maintenance of the system architecture for the derivatives middle- and back-office.
Carifirenze cited Panoramaâs extensive product coverage, presence in Italy, localized support and its ability to be delivered on a cost-effective ASP basis as key factors behind the decision.
Alessio Fontani, project leader, Carifirenze, said, "We were looking for a straightforward way to update our environment and achieve automated compliance with the Bank of Italyâs requirements for reporting and for providing accurate data to accounting. We chose the Panorama solution largely because it matched our requirements for automated processing, and because it could be delivered in its entirety in Italy. At the same time, we were looking to streamline our back-office, and Panorama fits our needs perfectly. With the first phase of the project delivered on time and to budget, Panorama is already proving its ability to help us increase operating efficiency."
Steve Husk, president of SunGardâs Trading and Risk operating unit, said, "European banks today are facing huge challenges. They have to report and account for diverse portfolios, often featuring extremely complex derivatives, and in order to manage this, upfront investment is often significant. Panorama is a perfect fit due to its flexibility and modular nature, which alongside the local support, results in an easily manageable roll out. For some time we have been providing risk management via an ASP to clients in Spain, and now weâre working with several Italian clients to offer them the same opportunity."