Italy’s ICCREA Banca has gone public on its project to modernise its trading business ops with Misys.
Misys is providing its FusionCapital Kondor and Summit treasury and capital markets (TCM) solutions to the bank. The Summit system has been running at ICCREA for over a decade. Kondor was selected by the bank in 2013, Banking Technology understands.
“This new project provides front office and consolidated post-trade processes to improve straight-through processing (STP) and improve risk management,” Misys says.
ICCREA also intends to reduce operating costs, saving €5 million over ten years.
The bank will be able to extend its Misys software licence across the Banche di Credito Cooperativo (BCC) network (a network of Italian co-operative banks).
It is also worth noting that ICCREA already uses Misys’ lending software to support a range of its front-to-back operations, including non-negotiable derivative pricing, derivative pricing and collateral management.