HDFC Deploys Solutions for Derivatives
In a bid to process interest rate derivates and bring products faster to the market, the treasury department at HDFC Bank is deploying solutions catering to this specific segment.
The bank has selected Misys’s Summit FT as one of its partners in the project. It had recently tied up with Orient Pro for some solutions in this segment. Misys also has a tie-up with Orient Pro and plans to leverage this expertise at HDFC. The bank already uses flexicube for its core banking solutions.
On the recent development, HDFC treasurer Sudhir Joshi informed the deal was signed three months back, and the solution would go live in the next six months. Misys has studied the requirements, developed a blue print and is in the process of implementing the solution and training people.
Murray Sargant, managing director, Misys Treasury and Capital Markets, Asia Pacific spoke about the challenges. Since HDFC has multiple systems, an integrated application was not available. “The bank needs to offer derivative products in a competitive market and lack of end to end solutions in this scenario is a constrain.”
The software company developed a checklist of requirements at HDFC. These were, streamlining existing process between front office, risk management, middle office and back-end; including other operations such as deal capture, pricing, analytics, interest rates and currency derivatives on a single platform.”
“The bank may even look at credit and equity derivatives, in case the government opens up the sky. These could also be availed on the Summit platform. No new infrastructure would be needed,” Sargant said.
To a query on how the bank would integrate data, C.N. Ram, head, information technology at the bank acknowledged, “We alongwith Mysis are working on the process. We have a time frame of six months, and the entire process would be in place till then. As of now, we are working on the modalities. Only one thing is clear that the in-house IT team would maintain the data center.”
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