IADB Gains Power and Efficiency with Summit

New York, October 29 – Summit Systems, Inc. announced today a successful "go-live” implementation of a front-to-back office system for the Inter-American Development Bank’s Global Capital Markets Group.

The new Summit software represents a major investment in a strategic core system that will support the bank’s current business operations and expanded operations in the future. With comprehensive trading, pricing, reporting, and back-office transaction processing that includes accounting and settlement processing, the new system enables IADB to consolidate their system environment and immediately realize efficiencies by retiring outdated legacy products. The new system currently supports fixed income including MBS/ABS instruments, OTC derivatives (including asset swaps), and money markets.

David Ryan, Chief of Information Resource Management of the IADB Finance Department, remarked: "We’re very pleased with the capabilities the implementation brings to our organization. The efforts of our people and those of the supplier combined to deliver a system that is precisely tuned to our business processes." Ryan added, "I’m also very happy to say that the IADB project team, which completed the implementation on-schedule and under budget, has been nominated for IADB’s Team of the Year award."

Commenting on the new system, IADB Program Manager Barbara Sadick said, "A proprietary enhancement to the base software platform enabled the project team to implement the IADB Datamart, a high-performance central data repository we’ll use for a wide variety of business functions. It provides the basis to support our development of portfolio performance metrics, compliance and cash flow reporting."

Says Marisa Fleming, Director of Client Services, "This was an exciting and challenging implementation for a sophisticated client. We and the IADB project team were happy and proud to deliver a leading-edge front-to-back solution with an impressive array of functionality to IADB’s users. IADB gains a system that fits their needs precisely, and Summit adds another satisfied client to a flawless implementation record. All of us at Summit look forward to supporting IADB’s business needs in the future."

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