Straumur has grown very rapidly in the last two years and uses IT/2 in its treasury department to streamline the processing of foreign exchange and money market deals. The process encompasses initial deal capture and administration, position management and accounting.
Benedikt GÃslason, Managing Director of Treasury & Risk Management at the bank explains: "Straumurâs expansion meant that a simple accounting system combined with spreadsheets would not support us in future. Transaction volumes have increased by a factor of five since we took IT/2 but there has been no need to increase headcount. Our six staff in this area can easily handle these increased volumes, which are set to double again in the next twelve months. Also, the system will support as we grow in other ways too, such as in handling new instruments like options, swaps and commodity trades."
One aspect of IT/2 has proved particularly useful in controlling Straumurâs increased processing throughput: "We very much like the process maps facility â they lock in our workflow and make it so easy to show how the business is done," says GÃslason, "as soon as we saw this we knew it would be a great help to us."
The implementation process went smoothly too. "We were very pleased with the project. We actually consumed fewer resources in the implementation than expected," notes GÃslason. "What SimCorp presented as a timetable of implementation and also on costs all added up to reality. Everything SimCorp told us turned out just as described, which is not always the case with a software supplier," he adds.