SPD Bank enhances treasury operations to drive growth with Finastra's Fusion Summit
HONG KONG, Dec. 15, 2020 /PRNewswire/ -- Shanghai Pudong Development Bank (SPD Bank) has successfully gone live with Finastra's cutting-edge treasury solution, Fusion Summit, in Hong Kong. With Fusion Summit's advanced features, SPD Bank will be able to develop a broader and more sophisticated set of treasury services, helping it to grow its business in region even faster.
In recent years, SPD Bank has experienced steady growth in its treasury banking operations in Hong Kong. To facilitate further expansion in this line of business, SPD Bank's strategic plan sees it developing a new range of treasury services and strengthening risk management.
"Our treasury banking operations in Hong Kong have experienced steady growth, but while our existing treasury solution enabled us to provide responsive customer service, its limited performance and risk management capabilities slowed our ability to expand and innovate," said Zhang Hairong, Senior Technical Director of Development and IT, SPD Bank. "Fusion Summit addresses these issues and enables enhanced monitoring of our treasury business, better operational efficiency, as well as the tools to offer more varied services for our clients. Finastra was very supportive throughout the implementation and went the extra mile to make sure we could still deploy even in the face of the significant disruption caused by the pandemic. We look forward to continuing to work with Finastra as we move forward to the next stage of our growth journey."
Fusion Summit offers detailed reporting that helps SPD Bank to manage its treasury business in real time. The solution also facilitates simple integration with different systems, enabling the bank to increase its operational efficiency across multiple business lines. The solution offers improved Straight Through Processing (STP), which provides customers with increased convenience by increasing trade processing capacity and accelerating the speed of trading.
As well as implementing Fusion Summit as a front-to-back solution to manage all treasury business, the bank is able to manage a wide range of sophisticated and interconnected asset classes effectively. This has allowed it to develop new treasury instruments, including repurchase agreements, callable and puttable bonds, bond forwards, interest rate derivatives and more.
"The collaborative approach taken between Finastra and SPD Bank meant we were able to successfully adapt to new working practices and continue in the face of COVID," said Richard Zhu, Head of Asia East at Finastra. "Using Finastra's Fusion Adopt methodology, which offers rapid implementation through standardization and proven business best practices, we carried out all user testing remotely and SPD Bank was able to roll out new remote working capabilities to its employees. With a well-defined and detailed plan, SPD Bank was able to migrate over 2,000 transactions and transitioned all system interfaces to Fusion Summit without issue. We look forward to helping SPD Bank with its growth journey."
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