2024-02-21 19:23:55
LONDON and LUCERNE, Switzerland (ots/PRNewswire) – Luzerner Kantonalbank AG (LUKB), the third largest cantonal bank in Switzerland, has launched FM Converge, the next-generation market and risk platform for banks and financial institutions. FM Converge comes from Finmechanics Pte. Ltd, the rapidly growing software company based in Singapore. FM Converge is a powerful front-to-back multi-asset class platform that enables banks to run their market business in a private or public cloud. Built on a service-based architecture, the platform accelerates time-to-market for new products, facilitates compliance with new regulations, and handles increasing customer flow for simple and structured products.
“By integrating FM Converge into LUKB’s infrastructure, we were able to provide comprehensive pricing and risk functions across asset classes with very little technological effort,” reports Anindya Sarkar, CEO at Finmechanics. “This project leverages our experience with large banks in the Asia Pacific and worldwide, our SaaS capabilities and our responsive local support. I would like to thank LUKB for the trust in us and our product and the good cooperation throughout the entire project. Even following the implementation of the platform, we will become our customers support with great commitment and ensure that the evolving requirements for financial management are continuously met.”
Daniel Bommer, Head of Trading & Treasury Services at LUKB explains:
“With the introduction of FM Converge, we were able to successfully replace the long-standing system for position management and risk management in the trading book. In the extensive tendering process, Finmechanics clearly prevailed once morest a strong field of providers. In addition to the best price-performance ratio, we were particularly impressed by the interaction with the provider, who was very professional, reliable and fast.
FM Converge offers LUKB future-proof trading software that covers all pricing, trading and risk management functions across various asset classes. With FM Converge, we have implemented a state-of-the-art infrastructure that enables our targeted growth in the trading business while meeting all existing and future regulatory requirements. Finmechanics has proven to be a competent, agile and innovative partner during the project and we look forward to working with Finmechanics to tackle future challenges in the retail sector.”
FM Converge has been implemented in the cloud as a Software as a Service (SaaS) model to meet the pricing and risk requirements of all asset classes, including cryptocurrencies. By quickly calculating VaR, sensitivity and various risk metrics for all types of trading, the bank is able to actively manage the financial risks arising from its market transactions and customer transactions in real time. In the future, structured products for different asset classes, additional market and credit risk modules (such as SA-CCR and FRTB) and collateral management will be introduced so that the bank can fully comply with both current and future regulations.
Through a fully hosted and managed environment, the FM Converge installation is highly scalable and can respond to fluctuations in demand. This significantly reduces operating and maintenance costs.
Information regarding Finmechanics
Finmechanics, headquartered in Singapore and with offices in 7 countries, offers banks high precision and transparency in valuations, risk management and regulatory compliance as well as end-to-end digitalized trading processes. The Finmechanics Microservices-inspired approach helps companies simplify and transform their organizational structure, define new efficiency standards and become truly cloud-ready for market business.
To learn more regarding Finmechanics’ products, technologies and integration services, visit https://www.finmechanics.com.
Information regarding Luzerner Kantonalbank AG
Founded in 1850, Luzerner Kantonalbank AG (LUKB) is the leading bank in the canton of Lucerne. With around 1,300 employees, it maintains a network of 23 branches and is one of the largest cantonal banks in Switzerland. Its core business areas include real estate and corporate financing, retirement provision as well as asset advice and management. The bank is known for its customer proximity and excellent service, which makes it the first choice for customers, employees, shareholders and its region.
The LUKB Group consists of two wholly owned subsidiaries: the fund management company LUKB Expert Fondsleitung AG and Refinum AG. Since 2001, LUKB has been a private corporation and is listed on the SIX Swiss Exchange. 38.5% of the shares are in free float, while the remaining 61.5% of the shares are owned by the Canton of Lucerne.
LUKB has a government guarantee and a long-term AA rating from Standard & Poor’s (short-term rating of A-1+).
To find out more regarding Luzerner Kantonalbank AG, visit the English-language section of the website:
Questions & Contact:
Philippe Carrel,
philippe.carrel@finmechanics.com
1708551435
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