New York, Summit Systems has announced that the Federal Home Loan Bank of Pittsburgh has selected its treasury and capital markets solution to provide pre-trade analytics, portfolio analysis, operational processing and accounting for the Bank’s investment portfolio, debt issuance and related derivatives activities. Summit will replace a number of existing systems and in-house applications and will enable the bank to streamline its operations and move toward straight-through processing throughout the business.
Summit will provide the Bank with multi-asset class coverage including interest rate derivatives, loans and a broad array of fixed income securities, including mortgage-backed securities (MBS) and mortgage loans. Summit will deliver pricing and structuring capabilities for loans made to member banks, as well as assist in meeting compliance with US accounting standards and Sarbanes-Oxley legislation.
Federal Home Loan Bank of Pittsburgh is the 4th member of the FHLBank System to choose Summit. “We evaluated a number of suppliers and were encouraged by the results achieved so far by the Summit implementations at the other FHLBanks. We also found that Summit had very knowledgeable staff who understood our requirements well,” comments Robert S. Kovach, Chief Investment Officer, FHLBank of Pittsburgh. “We expect to gain significant operational advantages from the rationalisation and automation of our front-to-back processes.”
Ralph Herdman, Associate Director of Sales at Summit New York says, “I am very pleased that the Federal Home Loan Bank of Pittsburgh has chosen to partner with Summit for a full front to back office implementation of our system. The Bank has put together an exceptional project team and demonstrated a very strong commitment to re-engineering their business processes. We look forward to contributing to the Bank’s long term goals”.
Joe Bruno, Executive Director of Sales for Summit New York concludes, “At Summit we recognise the specialised needs of the home loans market sector and have developed a strong product with respect to MBS coverage. We are able to offer functionality that is unique among the vendor community. As a result, we are confident that Summit will continue to win deals and grow our market share in this area.”
For further information please contact:
Suzanne McLaughlin
Global Marketing Manager
Summit Systems International Ltd
18 King William Street
London
EC4N 7BP
United Kingdom
Tel: +44 (0) 20 7337 8558
Email: suzanne_mclaughlin@summithq.co.uk
Terri McKay
Director, Corporate Communications
Federal Home Loan Bank of Pittsburgh
601 Grant Street
Pittsburgh, PA 15219
Tel: (412)-288-2830
About Federal Home Loan Bank of Pittsburgh
The Federal Home Loan Bank of Pittsburgh, with assets of more than $57 billion, serves nearly 350 financial institution members in West Virginia, Pennsylvania and Delaware. It is one of twelve FHLBanks, all private cooperatively owned banks that provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.
About Summit
Summit Systems provides a proven, technologically advanced, multi-asset class solution for treasury and capital market participants. With headquarters in New York and operations in Paris, London, Frankfurt, Seoul, Singapore and Tokyo, Summit is a world-leader in banking software solutions. Summit is a scalable, open and extendible solution covering fixed income, treasury, derivatives and commercial lending. It provides sophisticated trader tools and risk management combined with rules-based workflow and real-time trade processing - helping financial institutions increase STP and reduce costs.
Founded in 1990, Summit is a wholly-owned subsidiary of Misys plc.
