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Industry roundup: 4 June

ArcelorMittal selects Calypso to deliver front-to-back cross-asset treasury solution

Calypso Technology has announced that ArcelorMittal, the world's leading steel and mining company and the largest corporate treasury in France, selected Calypso’s treasury management solution to provide complete straight-through processing (STP) in a single platform.

ArcelorMittal had been looking for a front-to-back treasury solution to manage their complete end-to-end treasury needs including trading, operations, liquidity, funding, regulatory reporting and hedging of foreign exchange (FX) and interest rate exposures. 

The selection of the Calypso Treasury solution will enhance and automate ArcelorMittal’s treasury and trading operations, including trade booking, pricing analytics, compliance and limits monitoring and risk management, enabling it to efficiently manage and support its treasury requirements across the globe.

The implementation will be managed in partnership between Calypso and Synechron; this collaboration immediately translated for ArcelorMittal into an agile adaptation to their global operational requirements and brought a standardised methodology of the Calypso treasury solution.

"For our ambitious project to succeed, we needed a robust and flexible front-to-back treasury management solution," said Laurent Koenig, Treasury Head of Operations at ArcelorMittal. "After a comprehensive assessment of the market, we chose the Calypso treasury solution and selected Synechron to implement it. We are confident that the proven Calypso-Synechron partnership will deliver a treasury management system fit for our current and future needs."

 

Wipro and Finastra partner on transaction banking digitisation

Wipro and Finastra have announced a partnership to help corporate banks across Asia-Pacific accelerate their digital transformation. The companies will create an offering that combines Wipro’s services catalogue with Finastra’s front-to-back trade finance and cash management solutions.

A recent Finastra study reported on CTMfile in March showed that corporate banking clients have shifted their focus towards real-time execution capabilities, access to online platforms, and value-add services. In response, banks are moving away from the traditional relationship management model to become digital platform players that can meet client needs in a faster, flexible and more agile way. The partnership is designed to help banks make this transition quickly through access to Wipro’s service portfolio, from consulting and digital to infrastructure and operations, and Finastra’s solutions - Fusion Trade Innovation and Fusion Cash Management.

"Wipro’s mature portfolio of services and deep experience in implementing Finastra’s solutions are a perfect complement to our offering, making it a natural partner for us in APAC," said Luc Hovhannessian, managing director for Asia Pacific at Finastra. "It has never been more important for financial institutions to innovate digitally, but transaction banking is an area where many banks are playing catch-up. This strategic partnership is the continuation of years of collaboration with Encore Theme Technologies, now part of Wipro, creating an offering that will help banks accelerate their digital transformation, driving competition and increasing innovation in the industry."

 

Surecomp embraces G7 pledge to facilitate trade digitisation

Surecomp has announced that it embraces and is fully equipped to support the G7 move that will allow companies to electronically transfer trade documents for improved efficiency and cost savings.

The recent pledge from the G7 technology ministers - which has been welcomed by the ICC and further backed by the UK’s Law Commission who is now also legislating to allow for digital trade documents - has put trade digitisation firmly at the top of the post-pandemic recovery agenda. Surecomp reinforces the view that this milestone is a pivotal turning point in helping remove the trade inertia associated with paper-based document transfer.

Surecomp is able to provide banks across the G7 and beyond with a fully digital front-office solution that allows their corporate customers to use true electronic documents of title as soon as national legislation is enacted. Using an electronic bill of lading enables all participants to conduct end-to-end digital trade finance based on the traditional letter of credit, merging the trust in the crisis-proven letter of credit with the benefits of an electronic transaction in terms of speed, security and convenience. In supporting electronic title documents, Surecomp’s front-office solution is able to provide sufficient time for banks and corporates to be prepared by the time legislation is in force.

"This is not only a momentous step in the evolution of trade digitisation, but a fundamental one to the recovery and growth of global trade as a whole," said Alexander Goulandris, co-CEO and CRO of essDOCS and co-chair of the ICC’s digitisation working group. "The increased interoperability facilitated by partnerships between technology providers such as Surecomp and essDOCS, will result in notable cost and efficiency benefits, which will in turn lead to unprecedented trade collaboration, inclusion and economic growth."

"By continuing to invest in digital solution innovation, Surecomp is wholly dedicated to setting the new global standard in trade finance digitisation," stated Enno-Burghard Weitzel, Surecomp’s SVP of Strategy, Digitization and Business Development. "Thanks to the ICC and the G7, we are on the cusp of true digital trade transformation and Surecomp is providing an integrated solution to our customers ahead of time."

 

Hazeltree solution streamlines credit facilities management

Hazeltree, a provider of integrated treasury management and portfolio finance solutions, has announced the general availability of Hazeltree Debt Manager, an integrated solution to track and manage credit facilities across multiple credit products, lenders and legal entities. Hazeltree says the solution delivers near real-time credit data for decision-making, improves operational efficiencies in utilising credit facilities, and reduces risk of breaching critical covenants.

Hazeltree Debt Manager provides clients with benefits that include Agreement Management to define and track key credit agreement terms and conditions, Covenant and Limit Management, to manage and track credit facilities covenants and limits to ensure compliance, and Loan Portfolio Management, to track and manage credit facilities, cash balances and future cashflows in a single interface, providing the ability to manage and forecast liquidity, and easily execute credit transactions from a single screen, while staying on top of Loan Portfolio Tasks by following automated alerts.

The solution also includes Loan Transaction Management to automate interactions between borrowers and lenders to streamline paydowns, drawdowns, and interest payments, Financing Management to independently calculate fees and financing to generate interest payments, fees and rate resets, and Lender Data Management that facilitates connection to lenders for data sourcing to track and reconcile to identify and manage breaks with each facility.

Users can also incorporate credit facilities into optimisation analysis to suggest cashflow actions based not only on available cash and uncalled investor commitments, but also based on credit capacity and negotiated repayment terms. In addition, they can analyse historical lender exposures, utilisation and cost of borrowing and identify trends to improve decision making.

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