Guava is a fully integrated suite of front to back office treasury applications allowing companies to manage all aspects of their treasury and risk management operations through a central system.
ING Bank has implemented Guava to manage the operations of its treasury division and has immediately achieved significant savings in both processing time and costs. ING Bank is using Guava to cover its money market activities, the trading of securities and hedging activities using a range of derivative products.
ING Bank is also utilising specific functionality within the Guava suite to manage complex securities including Mortgage and Asset Backed Securities which form a significant part of ING Bank's investment assets.
CCK Managing Director, Mr Joseph Wong, said Guava's flexibility and functionality means we are able to integrate the new system with current infrastructure and produce a framework and solution to meet future requirements.
"This project had a very aggressive timetable with just over two months between the commencement of the system and process review and the system going live. This timetable has been achieved despite the interruptions of the Christmas and New Year festivities."
ING Bank's Head of Funding and Investment, Mr Glenn Baker, said the system was adopted to improve the level of automation in the bank's treasury thereby enabling support services to handle significant growth.
"The implementation of CCK's Guava will provide us with a platform for the growth of our business whilst significantly reducing our costs. The treasury portfolios have already grown to over $10 billion, and we not only expect the portfolios to continue to grow strongly but that our funding and investment activities will increase in complexity. The upgrade to Guava will ensure that future business developments are effectively accommodated," said Mr Baker.
"The product's work-flow capabilities have been used to streamline processes whilst maintaining appropriate controls. The effect of these efficiencies has been a reduction in manual processing which has in turn reduced the number of support staff and lowered the cost base.
"The new system has resulted in a very significant improvement in the automation of our processes, particularly in the handling of our swaps, and the complex MBS and ABS portfolio.
"We are very happy with the way CCK and our own staff have been able to introduce Guava in a short time frame," said Mr Baker.
CCK has developed a Rapid Implementation Methodology to ensure the new generation products are operational in the shortest possible time. Disruption arising from the implementation are minimised allowing customers to reap the rewards of the software earlier. The new methodology has halved implementation times and allowed ING Bank to commence the parallel run less than six weeks after the project commenced.