âMisys Summit is core to our strategy to streamline our IT architecture, reduce processing times and improve data quality. The rules-based workflow means that the system manages the trades to our pre-defined criteria and enables confirmations, settlements and payments to happen automatically, without human intervention. Our trades are now easier to manage with thanks to the real-time architecture that gives our traders a constant view of their positions,â says Franco Caporrella, Head of IT for ICCREA Banca.
One of the business drivers behind the Bankâs decision to choose Misys Summit was their need to integrate structured products into the new system. âStructured trading is a growing market for us and during our evaluation we looked at Misys MUST. Although we are planning to add this module in phase two of our project, we could easily see that MUST would give us the power to process structured products with the ease of any vanilla instrument. MUST will help us compete effectively in this lucrative market and to provide better services to the 534 cooperative banks (Banche di Credito Cooperativo) within the Group,â adds Ermanno Rapone, Head of Treasury and Capital Markets for ICCREA Banca.
The Bank will conclude its front to back integration by implementing Misys Summitâs risk management modules in a further phase, providing a single architecture that will link exposure across business lines, portfolios and products. It will cover all aspects of enterprise wide and desk level risk analytics for the Bank including market risk control and Monte Carlo VaR, with credit risk covering counterparty limits checking and monitoring.
Michael Ctorza, Italian Market Sales Manager for the Misys Summit system comments, âI would like to thank the Misys experts, ICCREAâs project team and ICCREAâs external consultants who worked in partnership to ensure a go-live in front office and back office within only nine months. Within this timeframe we also produced special interfaces such as to the Central Bank of Italy and ICCREAâs general ledger. We expect the bank to see immediate benefits from using Misys Summit for all its trading, risk management and back office, and look forward to working with the Bank on the next phase of the project.â