Wallstreet Suite, favoured by the world's leading corporate treasuries and central banks, is the central banking system of choice in Europe, with around 98% of Eurozone reserves already handled by the system, and 60% of African reserves. Adoption amongst central banks across the world is growing as the system includes a pre-configured solution tuned to the unique and specific needs of the central bank.
The Central Bank of Oman (CBO) has signed for Wallstreet Suite and will be using the solution to support its Foreign Reserve Management and payment operations. The bank will benefit from efficiency and automation in the front office and middle office systems for its treasury and investment operations which manage the Foreign Reserve and investment activities of CBO. Wall Street Systems will deploy the pre-configured central banking solution, based on proven methodologies, expert insight and industry best practices to ensure optimum use.
Wallstreet will work in conjunction with its partner in the region, Raqmiyat from UAE, who will provide on-site support to the bank after go-live. CBO replaced its current system and selected Wallstreet Suite for its real-time capability, workflow automation, integration with external trading platforms, and strong risk management and performance measurement modules.
The Central Bank of Nigeria (CBN), one of the largest central banks in Sub-Saharan Africa, has gone live with Wallstreet Suite. The bank will move to a fully automated process including consolidated financial reporting for external manager investments, automated generation of SWIFT messages, and automated production of accounting entries. The bank is set to receive very significant advantages in efficiency. This will involve generating the official records of all international monetary reserve investment operations at CBN, from trade entry to payments and receipts. The solution will also be used to maintain an audit of all transactions.
Teemu Virtanen, Director of Government Sales, Wall Street Systems, said: "The Middle East and Africa are areas of critical global importance. By using Wallstreet Suite, Oman and Nigeria will join a group of 30 of the leading central banks benefitting from the combined advancements of the central banking solution. We are receiving great interest from organisations in these regions."