UTI Bank Chooses Pyxis Solution
Risk Management solutions provider for derivatives market, Pyxis Systems, has announced that UTI Bank has selected its RisKompass as the software solution for financial derivatives risk management.
A software system for derivatives valuation and risk management, RisKompass enables clients to manage derivative trades in a further controlled way from the front to back office. Supporting the industry standard FpML (Financial Product Markup Language) protocol, it can manage valuation and risk management of a broad range of derivatives instruments.
The system will handle derivatives such as interest rates and foreign exchange for UTI Bank.
The implementation will provide the bank with an automated system that reduces manual effort to streamline its operations.
The benefit envisaged by the bank is that everybody being on the same system, it can be accessed by anyone on the different locations of the bank. The users at the bank would include marketing staff, traders, dealers and risk managers.
The solution will result in smoother deal processing, with verifying and online risk monitoring mechanism. It will streamline all operations and the risk mechanism can be monitored centrally.
UTI will be replacing their Crystal Xcelcius system with this solution. Pyxis has developed utilities for data migration to this system. The solution is on a .Net platform, and will operate on the Windows operating system. The database employed is Oracle 9i.
Pyxis has already conducted a training programme for the users at UTI, and their personnel will be present at their premises, providing on-site support, for a further period of three months.
According to R.V.S. Sridhar, VP - Treasury, UTI Bank, The system is user friendly, and the software offers good portfolio management features and pricing capabilities required to meet the increasingly complex requirements of customer business.
The process of implementation started in June 2006, and UTI will go live with the solution by mid-October, said Sunil Nikhar co-founder, & President, Pyxis Systems.
Pyxis will offer full implementation, customization and maintenance support services for the solution. It is a very complex system, and it took Pyxis 18 months to develop it, added Nikhar.
UTI Bank is the first customer for Pune based Pyxis and the company is into talks with some other large private banks for implementation of RisKompass.
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