Sep 4th, 2006, Global
Global – Standard Chartered (StanChart) is rolling out a structured deposit pricing and processing system for its currency-linked investments businesses globally.
The platform, called the FinIQ structured deposit system, will be deployed at the bank's premium currency investment (PCI) business in Japan and the Middle East by October. The system is already being used at StanChart's PCI operations in Taiwan, Indonesia, Brunei and Malaysia. These centres have been linked up to the bank's Singapore hub over the past five months.
Using the system, StanChart's relationship managers at these centres can access real-time executable prices on transactions for customers. Option risk is centralised in the global book while customer deposits flow into the local retail banking systems. Post deal-capture, the system captures settlement instructions, generates confirmations and processes maturity.
Sutat Chew, head of investments and treasury products, group wealth management at StanChart in Singapore, said the new system has helped the bank improve pricing and processing efficiency for its PCI business.
"FinIQ has further enhanced the solution to make it multi-entity compliant, and we now expect to empower other global centres with the same real-time pricing capabilities," said Chew.
Other locations include the UK, however, further details of the roll-out were unavailable. Chew added that the bank plans to extend the system deployment to include other treasury and structured deposit product types.
StanChart first began using the system at its Singapore wealth management PCI business two and a half years ago, where it is live at all retail branches, international banking unit and the central dealing room. The system is integrated with various other systems, including volatility surface, option trading system, retail banking platform, general ledger and MIS system.
Source: FX Week