HDFC Bank in India will adopt Misys Summit to process interest rate and currency derivatives. The system is scheduled to go live at the end of this year.HDFC and UK technology provider Misys are also in discussion to use the system for equity and credit derivatives.
“We have grown significantly since starting operations a decade ago, and we aim to maintain that growth and ensure we remain an innovator in the Indian and global markets,” said Sudhir Joshi, Mumbai-based treasurer of HDFC Bank.
Joshi said Misys Summit was chosen for its strong front-to-back, real-time features – from deal capture, pricing, analytics and hedging through to risk management and straight-through processing.
HDFC Bank is the first Indian financial institution to select Misys Summit since Misys opened a sales office in Mumbai.
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