The new integrated software platform will provide the bank with a real-time STP environment that includes comprehensive trading, risk management, and back-office processing support for a wide array of fixed income securities (including mortgage-backed), money market instruments, and interest-rate derivatives.
According to Kelly LaCava, Vice President Information Technology, "The operational inefficiencies associated with operating and maintaining a number of product-specific applications is undesirable for any bank. We needed to simplify our processes and environment by standardizing on a single front-to-back STP software platform. Upon conclusion of our vendor evaluation, Summit was the clear choice."
"With Summit," LaCava said, "we expect to realize substantial operating efficiencies by consolidating multiple systems while reducing manual processes. But to extract maximum value you need to apply STP across all the instruments you work with, and Summit enables us to do exactly that."
Asked what convinced the bank that Summit was the best answer for their needs, Frank Nitkiewicz, Senior Vice President, Chief Financial Officer & Treasurer replied succinctly: "Demonstrated âout-of-the-boxâ functionality, front-to-back cross-asset support for the simplest to most complex deal structures, the ability to significantly simplify and automate workflow processes, and a strong track record of successful system implementations."
"Going forward," Carolyn Hodges, First Vice President and Controller, added, "weâll be collaborating with Summit in a development partnership to enhance their FAS 133 functionality in response to the bankâs FAS 133 reporting needs, and Iâm very confident about the success of that project."
Ahmet Bilgen, Associate Director of Sales at Summit, commented: "FHLB Boston is an example of the type of client we very much enjoy working with. They recognize that technology infrastructure, wisely deployed, can pay large dividends in terms of value and cost efficiencies. Summit looks forward to a long and mutually prosperous relationship with the bank."