Kazakh bank Kazkommertsbank has adopted Misys Summit FT, a treasury and capital markets solution. The new system offers a range of products, including credit derivatives to customers and improved monitoring of credit and market risk. It will also improve automation in generating confirmations and Swift messages.
It is the first Kazakh bank to adopt the Misys system, suggesting that emerging markets are beginning to look for more sophisticated cross-asset front-to-back software solutions.
The solution will be implemented at the bank’s head office in Almaty during the next 12 months. A further rollout in Russia is also planned.
Misys Summit FT leverages a tiered architecture to provide a multi-asset class solution for treasury and capital market operations. Via the solution, Kazkommertsbank will be able to see all asset classes (FX, fixed income and derivatives) operated on a common straight-through-processing platform, which will enable the bank to reduce risk exposure.
“Ours is an emerging and rapidly developing financial market and we are streamlining on a single system so that in future, we will be able to quickly roll out new products and improve our operational control for more complex products,” comments Adil Batyrbekov, managing director at Kazkommertsbank.
He adds: “The improved risk measurement and monitoring controls we”ll experience will give us a real strategic edge against our domestic as well as international competition.”
Keith Stonell, managing director, EMEA, Misys treasury capital markets, further remarks: “Emerging market players are more and more opting for sophisticated solutions for treasury and derivatives to stave off competition from foreign banks. Kazkommertsbank is the first bank in Kazakhstan to work with Misys on the treasury and capital markets side and our professional services team will build an interface to the KASE stock exchange to increase their trading abilities.“