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Riyad Bank opts for Calypso
09 July 2013
Aims to improve front-to-back office practices and STP
Saudi and Middle Eastern financial institution Riyad Bank has hired Calypso Technology to provide treasury operations and front-to-back-office support for structured products.
Riyad Bank said Calypso's systems would be implemented across the bank's operations to support structured products and hedge accounting, as part of an overhaul of its front-to-back-office processes.
As part of this, Riyad bank said it was to improve its straight-through processing (STP) capabilities, moving to an exceptions-based model, which it said was more efficient. Calypso will support Riyad Bank's cross asset business requirements, including FX – cash and derivatives – money market, interest rate derivatives, FI and commodities activities.
Riyad Bank also said it would allign its treasury operations with international and Islamic financial industry standards.
Riyad Al-Zahrani, EVP operations at Riyad Bank, said: “It was important for us to select a vendor that would deliver industry best practices, front-to-back-office support for structured products and cross-asset capabilities as well as the Shariah-compliant support that is critical for our market and for growing the business regionally.”