Excelian is pleased to announce the successful completion of a project to extend the use of Calypso to support Future and Bond Options for a leading bank in the UAE region. Prakash Anthony at Excelian, discusses the business problem that was addressed and the solution offered by Excelian.

Firstly, please can you explain the overall project that Excelian completed?

Prakash Anthony: The project involved a Front to Back Office implementation of listed Future Options and Bond Options on Calypso v13. This involved migrating from legacy, dated and manually intensive applications to the strategic treasury application, Calypso, and thus deliver improved straight through processing and reduced operational risk.

And can you describe the business problems which the client needed to address?

Prakash Anthony: The business area was supported by dated and legacy applications that were inefficient and were mired with functional gaps.  This had resulted in manual dual-keying of trades, manual processing and reliance on reports from external sources to verify the correctness of the transactional data in the system. This meant the business was keen to replace the Kondor/KTP legacy applications with Calypso to bring in straight through processing, eliminate manual interventions and thus reduce operational risk. Over and above this, the business had an aggressive timescale of 5 months to complete this migration.

Were there any unusual technical problems the client needed to address?

Prakash Anthony: The legacy  systems were neither capable of accepting trades from exchanges directly nor provide the functionalities to assure operational integrity and efficiency. They wanted to automate the flow of trades from external trading applications into Calypso as well as to automate the generation of confirmations and settlements; and both the bank’s algorithm for trade valuation and the need to use different sets of market data per business unit, were the key technology challenges.  

So what solution did Excelian provide for the client?

Prakash Anthony: Excelian made use of Calypso Fast-Track to set up the core configuration and functionality required in order to provide front to back processing of listed Future Options and Bond Options.  This included automation of trade capture, accounting, confirmation and settlement processes.  Excelian also delivered both intraday and end of day extracts required by the middle office.

Why was this such an important project for Excelian?

Prakash Anthony: This was Excelian’s first engagement with this client and the first Calypso engagement in the UAE.  Excelian was looking to become a trusted delivery partner for the bank and hence it was important to deliver this project on time and to the agreed budget to start gaining that trust.

What were the business benefits the client gained as a result of the project?

Prakash Anthony: As a result of the implementation, the client witnessed Increased STP rates and managed to reduced operational risk. They also reduced TCO and increased their processing capacity.

How would you describe the client’s experience of working with Excelian?

Prakash Anthony: The project was delivered on time and  to agreed budget. There were no post implementation issues.  Both the bank’s business and IT department were happy with the way project was planned and executed and Excelian has now engaged in a number of new project initiatives with the client.