Calypso Technology continues expansion in Southern Europe
Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that CrÃ©dito Agricola, the leading Portuguese cooperative banking group, has gone live with the Calypso system to support front-to-back office FX functions. The system has been implemented to specifically support the treasury transactions of Caixa Central, the Groupâs central coordinating bank. The Treasury Department centrally manages the Groupâs liquidity, operates in the money, foreign exchange and capital markets, and provides treasury and financial products to the Groupâs local banks and customers.
CrÃ©dito Agricola sought a robust, scalable and complete system solution that would allow it to replace administrative procedures and reduce processing costs as well as provide functionality to improve internal control and risk management. The Calypso system delivers a fully integrated trading, risk management and processing platform to manage CrÃ©dito Agricolaâs cross-product coverage. The Calypso system gives CrÃ©dito Agricola the flexibility necessary to address the Groupâs evolving business needs, as well as the ability to start trading new treasury products that will be fully supported throughout the trade lifecycle. Through the Calypso platform, CrÃ©dito Agricola is able to reduce operational risk by moving away from manual work and instituting STP.
âBy fully covering the products we needed and comply to the specific requirements of the Portuguese market, the Calypso system provides exactly what we need to further develop and diversify CrÃ©dito Agricolaâs treasury business. The implementation of the Calypso system has allowed us to improve our processes and boost our performance,â according to Pedro Sampaio, Director at CrÃ©dito Agricola. âFurther, we anticipate that the implementation of the Calypso system will bring additional value to CrÃ©dito Agricola by helping us offer our customers a wider variety of products and services while reducing costs and ensuring effective risk management control. We anticipate a cost saving in the region of 35% in our back office and administration department as we have seen our processes being fully automated.â
The FX implementation is the second of three planned implementation phases and includes support for spot, forward and swap contracts. CrÃ©dito Agricola first went live on the Calypso system in 2008 for a range of functions, including interest rate swaps and simple money market functions. Phase three of the implementation started in March 2010 and is focusing on fixed income primary bonds, repos, commercial paper and Interest Rate Futures.
Charles Marston, CEO of Calypso Technology, comments, âCalypso Technology and CrÃ©dito Agricola have already achieved great success at this point in the partnership, and we look forward to working with CrÃ©dito Agricola to complete the final phase of the implementation.â He continues, âCalypso Technology is pleased to continue its growth in Southern Europe, and CrÃ©dito Agricola is a welcome addition to our expanding client base in the region.â