Misys plc (FTSE: MSY.L), the global application software and services company, today announces that the Federal Home Loan Bank (FHLB) of Chicago has completed the final phase of its implementation and is fully live with Misys Summit FT to manage its core business. The bank has retired many in-house, legacy and third-party systems and now manages a broad array of asset classes predominantly using a single platform developed on the latest .Net technology.
FHLB Chicago has benefited from Misys Summit since 2004. The latest phase provides a more streamlined operation, front to back, and significantly greater asset-class coverage. The bank now uses Summit FT to process the wide range of trades it executes, covering advances, structured products, money markets, bonds, OTC derivatives and exchange-traded instruments.
John Stocchetti, EVP, Operations and Technology from FHLB Chicago, comments, âMisys Summit FT significantly improves the efficiency of the way we operate and account for our entire business. We have been able to consolidate many of our existing systems on to a single platform and streamline operations, allowing us to be more responsive to our customers and positioning us to more effectively handle future challenges.â
Sean Motley, Head of Professional Services for The Americas, Misys adds, âFHLB Chicago joins a growing list of Misys customers that have made the decision to take advantage of the additional functionality and improved efficiency that Summit FT brings them. Our experienced professional services team has worked very closely with the team at the bank to ensure the system met expectations.â
At the FHLB Chicago, Summit FT is used from the front office through the back office. It handles trade entry and maintenance, prospective and retrospective hedge testing, accounting, operational reporting, cash settlements and management reporting. Summit FT interfaces to multiple systems, including the bankâs general ledger, market data services, and various data warehouses within the bank. Summit FT also delivers structuring capabilities for loans made to FHLB Chicago customers, as well as calculating all valuations for accounting and FAS133 testing and hedge relationships for fair value and benchmark. The solution uses state-of-the-art technology providing more flexibility, better customisation and improved productivity.