IADB Gains Power and Efficiency with Summit
New York, October 29 - Summit Systems, Inc. announced today a successful "go-live" implementation of a front-to-back office system for the Inter-American Development Bank's Global Capital Markets Group.
The new Summit software represents a major investment in a strategic core system that will support the bank's current business operations and expanded operations in the future. With comprehensive trading, pricing, reporting, and back-office transaction processing that includes accounting and settlement processing, the new system enables IADB to consolidate their system environment and immediately realize efficiencies by retiring outdated legacy products. The new system currently supports fixed income including MBS/ABS instruments, OTC derivatives (including asset swaps), and money markets.
David Ryan, Chief of Information Resource Management of the IDB Finance Department, remarked: "We're very pleased with the capabilities the implementation brings to our organization. The efforts of our people and those of the supplier combined to deliver a system that is precisely tuned to our business processes." Ryan added, "I'm also very happy to say that the IADB project team, which completed the implementation on-schedule and under budget, has been nominated for IADB's Team of the Year award."
Commenting on the new system, IADB Program Manager Barbara Sadick said, "A proprietary enhancement to the base software platform enabled the project team to implement the IADB Datamart, a high-performance central data repository we'll use for a wide variety of business functions. It provides the basis to support our development of portfolio performance metrics, compliance and cash flow reporting."Says Marisa Fleming, Director of Client Services, " This was an exciting and challenging implementation for a sophisticated client. We and the IADB project team were happy and proud to deliver a leading-edge front-to-back solution with an impressive array of functionality to IADB's users. IADB gains a system that fits their needs precisely, and Summit adds another satisfied client to a flawless implementation record. All of us at Summit look forward to supporting IADB's business needs in the future"
For further information, please contact:
Summit Systems
Luis F. Zea
Luis F. Zea
Associate Director, Marketing
22 Cortlandt Street
New York, NY 10007
Tel: 212-896-3594
Tel: 212-896-3594
About IADBThe Inter-American Development Bank (IADB), the oldest and largest regional multilateral development institution, was established in December 1959 to help accelerate economic and social development in Latin America and the Caribbean. It is headquartered in Washington, D.C., with Country Offices in each of its borrowing member countries and in Paris and Tokyo. Membership today totals 46 nations.
IADB operations cover the entire spectrum of economic and social development. Past lending emphasized the productive sectors of agriculture and industry, the physical infrastructure sectors of energy and transportation, and the social sectors of environmental and public health, education and urban development. Current lending priorities include poverty reduction and social equity, modernization and integration, and the environment.
In addition to the bank, the IDB Group consists of the Inter-American Investment Corporation (IIC) and the Multilateral Investment Fund (MIF). An autonomous affiliate, the IIC was established to promote regional economic development by financing small and medium-scale private enterprises. The MIF was created in 1992 to promote investment reforms and to stimulate private-sector development.
IADB has borrowed funds for its operations from the capital markets of Europe, Asia, Latin America, the Caribbean and the United States. The Bank's debt is AAA rated by the major rating services in the United States, and is accorded equivalent status in the other major capital markets.
In carrying out its mission, the Bank has mobilized financing for projects that represent a total investment of $273 billion. Annual lending has grown dramatically from the $294 million in loans approved in 1961 to $4.55 billion in 2002, after reaching almost $10.1 billion in 1998.
About SummitSummit Systems is a recognized worldwide leader in providing front-to-back transaction processing support for fixed income, treasury, derivatives and commercial lending businesses. It provides integrated trading, operations and enterprise risk management software to banks, financial institutions, and capital markets participants worldwide. Summit, with headquarters in New York and full-service offices in Paris, London, Frankfurt, Tokyo, Hong Kong and Sydney, is a wholly owned subsidiary of Misys plc, a world leader in banking software solutions.
About MisysMisys plc, one of the world's largest software solutions companies, serves customers in the international banking and securities, US healthcare, and UK retail financial services sectors. Employing over 6,500 staff, the group partners with its customers to deliver outstanding products to essential industries. Misys reported revenues in excess of £1 billion ($1.5 billion) for the year ended 31 May 2003.
