By opting for a single, fully integrated solution to support its foreign reserve management instruments and operations, CBN will reduce its overall level of risk and complexity. This is increasingly important as its reserves continue to rise and the bank expands its investment portfolio
London and New York (PRWEB) March 14, 2008
Wall Street Systems (Wallstreet), the global provider of, trading and settlement solutions and services, today announced that it has been selected by Central Bank of Nigeria (CBN) to provide a portfolio management system to automate its reserve management processes. CBN, which is Africa's second largest central bank, needed an integrated platform to create consistencies throughout the organisation and enable transparency and control over its growing reserves.
Lamido Yuguda, deputy director of reserve management and foreign operations at CBN, said: "Wallstreet's successful implementation track record and extensive central bank experience were highly compelling factors when making the final selection decision. Not only does this solution promise a low total cost of ownership, but it will also help us make better-informed decisions and optimise returns. The deployment will begin immediately."
As part of CBN's new reserve management strategy Wallstreet Suite, once implemented, will automate its reserve management operations, while monitoring and managing both risk and performance. This will involve generating the official records of all international monetary reserve investment operations at CBN, from trade entry to payments and receipts. The solution will also be used to maintain an audit of all transactions.
"By opting for a single, fully integrated solution to support its foreign reserve management instruments and operations, CBN will reduce its overall level of risk and complexity. This is increasingly important as its reserves continue to rise and the bank expands its investment portfolio," said Gavin Style, managing director of sales and client services at Wallstreet. "Our technology will deliver efficiency to the bank's reserve management operations, enabling it to thrive in a quickly evolving African market."
Wallstreet Suite is a fully integrated front, middle and back office solution. It will be used to maintain CBN's positions for total international monetary reserves at aggregate and segmented levels, as well as establish benchmarks, daily implied resources and performance projections. The solution will generate risk measurements for CBN and facilitate scenario analysis, strategies and return simulations. Additionally, it will provide revenue and expenditure projections.
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About Central Bank of Nigeria
Central Bank of Nigeria is the monetary authority charged with the conduct of monetary policy in the Federal Republic of Nigeria. It has its head office in Abuja, the capital of Nigeria, and several branches located throughout Nigeria. The principal responsibilities of CBN include the issue of legal tender currency in Negeria and the maintenance of external reserves to safeguard the international value of the legal tender currency. CBN is also responsible for the promotion of monetary stability and a sound financial system in the country and performing the role of banker and financial adviser to the Federal government of Nigeria. For more information, please visit http://www.cenbank.org
About Wall Street Systems
Wall Street Systems has a 20 year heritage and track record of providing and high performance transaction processing software to the world's leading financial institutions and corporations. The company has an outstanding reputation for quality and responsive service, and prides itself in helping its clients achieve long lasting benefits and results. Wall Street Systems is best known for providing functionally-rich, integrated and scalable solutions, which improve workflow, control and overall productivity. The company is the market leader in foreign exchange trade processing and is widely recognised for its global back-office solutions. Its awardwinning and popular Wallstreet Suite and Wallstreet Treasury products are used by leading organisations around the world.
Wall Street Systems has 473 employees servicing over 300 banking, corporate and central bank customers, operating out of 12 offices worldwide. Our software processes millions of transactions, aggregating to trillions of dollars every day. Wall Street Systems is a privately held corporation, which is majority owned by Warburg Pincus, a global private equity investor. For more information, please visit http://www.wallstreetsystems.com