Caixa Geral de Depósitos Selects Finastra to Transform Treasury and Capital Markets Business
Caixa Geral de Depósitos, the largest commercial bank in Portugal, has chosen Finastra to power its end-to-end treasury and capital markets business. It has selected Fusion Kondor, Fusion Risk and Regulatory Reporting as a Service to support this front-to-back-to-risk transformation. The bank’s users will have access to automated and standardized interfaces which will improve day-to-day operations and will benefit from an enhanced user experience and better reporting functionalities.
Caixa Geral de Depósitos offers a selection of corporate services, including commercial banking, investment banking, asset management, brokerage and venture capital. To keep up with market trends and changing regulations, the bank was looking to transform its current technology landscape to make it more user friendly and more efficient. The chosen solution includes front-to-back treasury, straight-through processing for all asset classes, accurate pricing from the front office to risk, including structured products, collateral management and regulatory cloud reporting.
Fusion Kondor will standardize and integrate the bank’s trading and risk services, whilst Fusion Risk will manage its risk and compliance functionalities. Regulatory Reporting as a Service will enable the bank to manage its reporting in a more automated way, whilst making sure it is keeping up to date with changing regulations such as the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR).
José de Brito, Executive Board Member and CFO at Caixa Geral de Depósitos, said, “Quality and customer service are the driving forces behind our bank. With business growing, we were looking for an innovative solution that would help us optimize our treasury function whilst still ensuring a focus on our core commitments and regulatory compliance. We spent a lot of time looking at different market offerings but, in the end, Finastra was able to offer us a solution that aligned closely to our vision and approach. Fusion Kondor and Fusion Risk will enable us to drive innovation into our operations, digitizing previously manual-intensive tasks to help us manage risk and continue our growth. We also believe its open architecture will ease development for us and are impressed with the transparent approach to implementation. We’re looking forward to developing this relationship over the next years.”