NACF in Korea Goes Live with Summit’s Real-time Treasury and Capital Markets Solution

Summit Systems today announced that South Korea's largest retail bank, National Agricultural Cooperative Federation (NACF), has gone live with its front-to-back office solution for treasury and capital markets. In addition to providing the Bank with a straight-through processing solution, it will benefit from Summit real-time services including FX and bond positions, trade blotter and viewer, credit limits, market risk, confirmations and settlements, and real-time bond positions.

Summit replaces a combination of Excel spreadsheets and an in-house developed back office system with a single solution to handle all its trade processing, risk management and operational requirements. Mr Wom Sam Lee, Manager of IT for NACF says, "One of the reasons we chose Summit is that it greatly enhances STP within our organisation. It interfaces seamlessly with our existing systems and external services include Reuters Dealing 3000, DTP for money markets and foreign exchange, Telerate for real-time feed plus a feed from the Korean broker platforms, SMBC and KMBC. It also provides an interface with the Korean Futures and options exchange (KOFEX)."

Mr Jae Ho Lee, Manager of Risk Management for NACF adds, "The wide instrument coverage of Summit enables us to handle foreign exchange, money markets, bonds, listed futures and options, FX options, interest rate and credit derivatives, plus exotic trades in one single system. The processing and managing of trades will be massively improved with Summit and I expect to see a quick return on our investment. "

Summit worked closely with NACF to customise the solution to fit the exact needs of the Korean market. These changes included 14 Bank of Korea legacy reports, the development of new accounting events and a GL interface to ensure compliance with Korean accounting practices. External interfaces and client specific enhancements for credit and trading limits were also handled. Marc Coutelier, Summit Asia Manager, comments, "It was a demanding implementation with quite a number of client customisations; the Summit team in Korea did a fantastic job to complete this project on time and to budget. We are now ready for business and a force to be reckoned with in the Korean market."

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