Summit Systems, Misys Banking Systems’ treasury and capital markets focused business, today announced that BB&T Corporation, the 10th largest financial holding company in the US, has selected Summit to provide an integrated front through back office software solution. BB&T will install the Summit system at its North Carolina headquarters, providing complete front-to-back support for a wide range of derivative instruments including swaps, caps & floors, swaptions, and exchanged traded futures and options.
In addition to supporting BB&T’s derivatives activities, Summit will enable the bank to capture and price funding products such as CDs, Fed Funds and FHLB Advances. Traders and other users in the front office will gain the benefits of trade structuring, pricing and hedging tools, and a sophisticated suite of portfolio analytics, including stress testing and VaR analysis. In the back office, Summit’s rules-based STP environment will enable BB&T to automate trade and document workflow and streamline operations, while generating all accounting entries for posting to the bank’s general ledger.
Hal Johnson, Executive Vice President of Funds Management, says, “Our goal was to find a system which could deliver comprehensive functionality to manage the derivatives for our balance sheet hedging, as well as our growing customer business in derivatives. After extensive discussions with several vendors, we determined that Summit could best meet our needs. We are impressed with the depth of Summit’s software offering, as well as the expertise and professionalism of their employees.”
Joe Bruno, Summit’s Executive Director of Sales for the Americas comments, “We were very pleased to be chosen by BB&T to support their derivatives business. Summit continues to be recognised as a leader in the marketplace for capital markets software solutions. We look forward to working with the bank towards a successful implementation, and are committed to a long and mutually prosperous business relationship."
For further information please contact:-
Suzanne McLaughlin
Global Marketing Manager
Summit Systems
Finsgate
5-7 Cranwood Street
London
EC1V 9LH
United Kingdom
Tel: +44 (0) 20 7549 4710
Email: suzanne_mclaughlin@summithq.co.uk
A.-C. McGraw
Media Relations Manager
BB&T Corporation
Tel. (336) 733-1006
Email: ACMcGraw@BBandT.com
About BB&T
BB&T is a full-service financial institution built on the strong foundations of philosophy, history, and tradition of service. Currently the nation's 10th largest financial holding company, BB&T has more than 26,000 employees and more than 1,400 locations in 11 states and Washington, D.C. BB&T Corporation is one of the top financial holding companies in the US. www.BBandT.com
• Rated one of the country's safest and soundest financial institutions.
• More than 1,400 branches in 11 states and Washington, D.C.
• More than 26,000 employees across the Corporation.
• The largest mortgage lender in North Carolina and West Virginia.
• Named the No. 1 small business-friendly financial holding company by the U.S. Small Business Administration.
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. www.summithq.com
Summit will exhibiting and speaking at the forthcoming ICBI Global Derivatives and Risk Management Conference to be held in Paris 23-26 May. For further information visit
www.icbi-uk.com
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 90% of the world's top 50 banks (Source: The Banker, July 2004), with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries.
