New York, March 16 2004 - Summit Systems today announced that the Federal Home Loan Bank of Seattle (Seattle Bank) will implement the Summit system to support the bank's investment and funding portfolios along with its associated hedging activities.

When implementation is complete, the Seattle Bank will enjoy robust trading and back-office capabilities, along with real-time STP trade management and workflow. In addition to a diverse set of fixed income and money market instruments, the new system supports mortgage-backed and asset-backed securities, plus the derivative instruments used to hedge portfolio positions.

 

"Our first priority is to improve our accounting capabilities," said Rob Hunter, Accounting Manager. "Summit's back office and accounting modules will do this and at the same time, position us to manage increasingly complex business requirements." Summit is also doing development on a project that will enhance the bank's FAS 133 compliance and reporting capabilities. Hunter said the Seattle Bank selected Summit because of their broad instrument coverage, depth of functionality, and the quality of their support staff.

 

Says William Gregory, e-Business Manager, "On the technical side, we wanted to migrate from a mainframe environment to a cost-effective, state-of-the art distributed server architecture. With Summit's n-tier architecture, we are confident that the system will deliver the real-time performance, responsiveness and flexibility we wanted."

 

"An additional benefit of Summit," Gregory added, "is the fact that their latest technological evolution, called Summit FT, is based upon Microsoft .NET. This is a technical direction we are pursuing, and the fact that Summit is committed to the same strategic technology path is promising."

 

Ahmet Bilgen, Associate Director of Sales at Summit, remarked: "Summit is thrilled to add the Seattle Bank to our list of prestigious clients. In addition, we are absolutely committed to working with the bank towards a successful and efficient implementation as well as a long and mutually prosperous business relationship."

 

The Federal Home Loan Bank of Seattle (Seattle Bank) is one of 12 regional Federal Home Loan Banks across the nation. With $47 billion in assets, the Seattle Bank builds financial partnerships that enhance the success of its members and make their communities better places to work and live. The bank provides funding and other financial services that allow nearly 400 financial institution members to make more housing and business loans at more competitive rates.

Founded by Congress through the Federal Home Loan Bank Act of 1932, the FHLB system was established to buttress a banking system weakened by the Great Depression by providing a stable source of funds for residential mortgages. Today, it helps more than 7,500 financial institutions, including commercial banks, credit unions, insurance companies and savings institutions, meet their communities" credit needs.

The Seattle Bank is a member-owned cooperative and the value generated by the company, including earnings, benefits member banks and the communities they serve.

 

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.