The Philippine National Bank (PNB) has installed Misys Wholesale Banking Systems’ treasury, derivatives and capital markets product, Opics. This should reduce risk and increase efficiency as part of improvements to its IT infrastructure.The commercial bank plans to use the system to bolster its treasury operations in its retail and overseas remittance businesses. The system is also expected to address requirements to expand the treasury department, including plans to increase efficiency and accuracy in the front, middle and back office; bring about enhanced and smoother transaction flow; better risk management through volume and stop-loss limits; and inventory management of securities.
The system will also support PNB’s future plans for building its retail fixed-income business.
“Following a stringent evaluation process of three vendors over a seven-month period, our bank concluded that Misys best fulfilled all our requirements for functionality, local track record, strong and reliable support, and the ability to provide a localised Filipino solution,” said PNB’s executive vice-president and treasury head, Asterio Favis.
Opics offers features that comply with the specific requirements of both local financial institutions and the central bank in areas such as taxation and reporting.
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