Calypso Technology, Inc., a leader in Capital Markets software solutions, announced today that Crédit du Nord has partnered with Calypso System to manage their global treasury services. Crédit du Nord is the retail banking network owned by Société Générale with eight regional banks across France.
By partnering with Calypso, Crédit du Nord will replace multiple 3rd party and internal systems that manage a wide range of treasury products including FX, FX options, money market, fixed income and interest rate swaps. Calypso will be implemented as a single end-to-end platform managing trade capture, risk management, collateral management, operations and accounting.
After a comprehensive and thorough evaluation of multiple international and local vendors, Crédit du Nord selected Calypso based on its exceptional cross-asset functional fit, scalability and responsiveness. Calypso’s market leading innovations in helping financial institutions meet regulatory requirements such as EMIR for the central clearing of derivatives, and the resulting required changes in collateral management practices, were equally significant factors in Crédit du Nord’s decision to partner with Calypso.
“The current economic and regulatory environment has necessitated all leading banks to be more prudent in managing IT expenditures, be capital efficient and be compliant with regulatory requirements. Calypso has been elected and will help us meet our dual objectives of systems rationalization and regulatory compliance on a single platform so that we can continue to provide and expand our leading and innovative services to our customers,” states Clara Levy Barouch, CFO of Crédit du Nord.
“Systems modernization and rationalization while meeting compliance requirements of multiple regulatory regimes is a challenge that virtually all of our customers face today,” states Mr. Charles Marston, Chairman and CEO of Calypso. “We are pleased to partner with a marquee organization like Crédit du Nord to deliver them cost savings, operational efficiencies, compliance and shareholder value.”