Central Bank of Trinidad and Tobago in tech modernisation with Simcorp
The central bank will implement Simcorp Dimension to manage the investment operation of the country’s $8.4 billion foreign exchange reserves, front-to-back office.
This is Simcorp’s first deal in Trinidad and Tobago, FinTech Futures understands.
According to the bank, a standardised solution that could support the entire investment lifecycle with little need for customisation was “a critical criteria” of the selection process. “Simcorp Dimension stood out in our evaluation for the level of automation provided for straight-through processing [STP], across the front, middle and back offices,” the bank says.
The vendor will deliver the following functionality to the Central Bank of Trinidad and Tobago:
- IBOR to support investment decision making, improved risk management and stakeholder reporting;
- processing and optimisation of trade entry;
- pre/post trade compliance;
- cash forecasting;
- reconciliation and exception management;
- event management and drill-down;
- full instrument coverage for the entire investment lifecycle;
- STP across workflows, including trade management, transaction workflow monitoring, processing of settlement instructions and reconciliation matching;
- portfolio management, including the ability to define and differentiate portfolios by objectives, e.g. liquidity and investment portfolios;
- chart of accounts in both reporting and base currency (USD);
- Swift settlement processing;
- complete and fully traceable audit trail for all reporting requirements.
Central Bank of Trinidad and Tobago is a long-standing user of the Wallstreet Suite treasury and capital management (TCM) from Wall Street Systems.