SunGard buys WhiteLight Basel II system
SunGard Trading and Risk Systems, a division of US software company SunGard, has bought California-based WhiteLight's system for Basel II compliance from SymphonyRPM. It will rebrand the product the SunGard Basel II Capital Manager.
SunGard said the WhiteLight product - designed to help financial institutions with capital calculation, analysis, stress testing and reporting - will be integrated with its existing Basel II offerings.
WhiteLight runs on the SymphonyRPM Analytic Platform, which the company said is used by more than 50 major financial institutions. As part of the deal, SunGard also bought the right to develop other applications based on the platform.
“A regulatory calculation and analysis engine is a key component for financial institutions that want to be Basel II compliant,” said Jim Ashton, chief executive of SunGard Trading and Risk Systems.
He added that the technology underlying the Symphony platform has been successfully used for many years in the BancWare tool for measuring profitability and performance. “We expect the SymphonyRPM Analytic Platform to add value to other SunGard solutions by providing real-time data access, rule-driven calculations and predictive analysis,” he said.
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