Grid Computing Software Complements Summit’s Capital Markets Platform; Improves Application Performance and Transaction Processing Speed
NEW YORK – June 14, 2005 – Building on its leadership position in the financial services industry, DataSynapse, Inc., the fastest-growing provider of grid computing software for commercial applications, and capital markets software leader Summit Systems have partnered to scale front-to-back transaction processing support for financial institutions. Combining the strength of DataSynapse’s infrastructure software, GridServer®, with Summit Systems’ trading, operations and risk management platform, the integrated solution improves application performance, resilience and time to market, driving cost savings and revenue generating opportunities for financial services firms.
Financial institutions worldwide rely on Summit Systems’ multi-asset class treasury and capital markets solution to handle all aspects of trading, risk management and operations. IXIS CIB, a part of Group Caisses d'Epargne, has been a Summit Systems customer for many years for front, middle and back-office initiatives within the Treasury, Fixed Income and Derivatives divisions. Designed to meet the needs of companies with intensive data and scalability constraints, DataSynapse’s GridServer now enables Summit Systems’ customers in the financial services sector like IXIS CIB, to optimize application performance by distributing workloads over shared system resources.
“The interoperability between Summit Systems and DataSynapse is suited to address IXIS CIB’ demand-driven business needs,” said Laurent Fernandez, IT Manager for IXIS CIB. “Improving the speed and performance of our applications in a highly scalable IT infrastructure, we are able to quickly and effectively respond to changing business requirements while satisfying the unpredictable demand for computing power.”
“High margin asset classes are becoming more and more popular with banks and the increase in volume puts a strain on existing IT infrastructures,” said Denny Dewnarain, Technical Director, Summit Systems, Continental Europe Operations. “In partnership with DataSynapse we enable our clients to handle even larger volumes of credit derivatives, structured products, pricing and valuation models – distributing proprietary valuation and risk management analytics calculations through GridServer. DataSynapse’s GridServer is a critical addition to Summit Systems’ product offering.”
Integrated with DataSynapse’s GridServer, customers using Summit Systems’ software are able to spread complex calculations across their existing hardware to dramatically speed results. The combined solution also offers guaranteed execution of risk reporting to help improve service-level agreements.
“Summit Systems’ capital markets system is a critical component of the global derivatives trading, risk management and operational needs at top financial institutions across the globe,” said Peter Lee, chief executive officer of DataSynapse. “Combining the computing capability of GridServer with Summit Systems’ trading platform is a natural fit, creating an integrated solution that transforms mission-critical applications into cost-savings and revenue-generating opportunities.”
For further information, please contact:
Lauren Ceradini
Articulate Communications Inc.
(212) 255-0080, ext. 18
lceradini@articulatepr.com
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
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.
Misys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries. Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK. Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs more than 6,100 people internationally. For more information, visit www.misys.com.
About DataSynapse
DataSynapse, Inc. provides grid-computing solutions for the virtual enterprise, helping organizations drive new levels of business performance through the creation of an agile and responsive IT infrastructure. The company’s standards-based GridServer® software virtualizes data components and business logic found in business-critical applications and distributes these services across available system resources on demand – establishing a utility computing model that eliminates performance barriers, significantly increases service levels and radically lowers total cost of ownership. DataSynapse works with the world’s largest financial institutions including Bank of America, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs and Nationwide, as well as market leaders in the government, energy and industrial sectors. The company is headquartered in New York and can be found on the World Wide Web at www.datasynapse.com.
