Summit Systems today announced that South Korea's largest retail bank*, National Agricultural Cooperative Federation (NACF), has gone live with its front-to-back office solution for treasury and capital markets.  In addition to providing the Bank with a straight-through processing solution, it will benefit from Summit real-time services including FX and bond positions, trade blotter and viewer, credit limits, market risk, confirmations and settlements, and real-time bond positions.

Summit replaces a combination of Excel spreadsheets and an in-house developed back office system with a single solution to handle all its trade processing, risk management and operational requirements.  Mr Wom Sam Lee, Manager of IT for NACF says, “One of the reasons we chose Summit is that it greatly enhances STP within our organisation.  It interfaces seamlessly with our existing systems and external services include Reuters Dealing 3000, DTP for money markets and foreign exchange, Telerate for real-time feed plus a feed from the Korean broker platforms, SMBC and KMBC. It also provides an interface with the Korean Futures and options exchange (KOFEX).”

 

Mr Jae Ho Lee, Manager of Risk Management for NACF adds, “The wide instrument coverage of Summit enables us to handle foreign exchange, money markets, bonds, listed futures and options, FX options, interest rate and credit derivatives, plus exotic trades in one single system. The processing and managing of trades will be massively improved with Summit and I expect to see a quick return on our investment. “

 

Summit worked closely with NACF to customise the solution to fit the exact needs of the Korean market.  These changes included 14 Bank of Korea legacy reports, the development of new accounting events and a GL interface to ensure compliance with Korean accounting practices.  External interfaces and client specific enhancements for credit and trading limits were also handled. Marc Coutelier, Summit Asia Manager, comments, “It was a demanding implementation with quite a number of client customisations; the Summit team in Korea did a fantastic job to complete this project on time and to budget.  We are now ready for business and a force to be reckoned with in the Korean market.”

 

*largest bank by number of retail branches.

 

Suzanne McLaughlin

Global Marketing Manager

Summit Systems International Ltd

18 King William Street

London

EC4N 7BP

United Kingdom

 

Tel: +44 (0) 20 7337 8558

Email: suzanne_mclaughlin@summithq.co.uk

Marc Coutelier

Asia Manager

Summit SA

62 Rue Beaubourg

75003 Paris

France

 

Tel: +33 1 4478 2828

Email: mco@summithq.fr

The National Agricultural Cooperative Federation (NACF) was established in 1961 as the apex organization of agricultural cooperatives, whose mandate is to increase agricultural productivity and enhance the economic and social status of member farmers and therefore secure a balanced development of the national economy, as provided for in the Agricultural Cooperative Law.

 

The NACF conducts diverse functions including marketing, processing, supply of farm inputs and consumer goods, credit and banking, insurance, warehousing, transportation, farm extension, and relevant support activities such as research and publication. With about 1,200 member cooperatives and over 10,000 various business centres, the NACF has set up the largest and most competitive business network, serving five million Korean farmers and rural communities.  

 

It holds a 40 percent share of the local agricultural market and its banking operation consists of one of the largest deposit banks in Korea. The total number of staff members engaged in Federation work was 16,958, along with an additional staff of 50,594 at member cooperatives as of the end of 1998.

 

Summit Systems is a recognised 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, Singapore, Korea and Sydney, is a wholly owned subsidiary of Misys plc, a world leader in banking software solutions.

 

Misys 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.