Federal Home Loan Bank of Atlanta Enhances Collateral Operations with Leading Collateral Management Solution from Rockall Technologies, FHLB Atlanta - September 24. 2008
Rockall Technologies, a leading financial services solutions company, is delighted to announce that their systematic tracking of collateral management solution, STOC, was selected by the Federal Home Loan Bank of Atlanta (FHLBank Atlanta).
FHLBank Atlanta will implement STOC to allow real-time management of all types of collateral pledged by its borrowing member banks. The Rockall product is unique in its integration capability with other banking systems, securities custodians and market pricing systems to accept and provide additional data so that lending positions can be calculated accurately, exceptions to policy may be securely managed and general reporting and or inquiry functions are easily available to the bank's users.
STOC is a software application used to automate the management, tracking and valuation of liquid and whole loan collateral. Liquid collateral and loan assets are imported, analyzed for eligibility based on predetermined business policies, valued via multiple market sources and haircuts are applied. The STOC product provides state-of-the-art functionality to allow the bank to minimize risk but at the same time provide a more efficient service to its customers. At FHLBank Atlanta, this results in a more attractive all-in cost of borrowing for customers and an enhancement to the value of FHLBank membership. Today, the Rockall system has 5,000 users worldwide managing more than $600 billion of collateral. In addition to FHLBank Atlanta, STOC has recently been implemented at Wachovia, FHLBank Boston, FHLBank New York, and FHLBank Pittsburgh.
FHLBank Atlanta's Executive Vice President and Chief Credit Officer, Kirk Malmberg, announced the decision and explained, "We selected Rockall Technologies to provide enhanced collateral management software to our bank and it's members because we found it to be the most robust and yet, flexible and configurable collateral management solution available in today's market place." He added that "The lending market today is very challenging and it is clear that to mitigate risk an organization must have a complete understanding and control over its collateral. The Rockall solution hits the mark in both cases and will actually increase our operating efficiency as well."
Recent challenges in the lending markets have made the implementation of loan collateral management systems more critical than ever for financial institutions worldwide. As Rockall CEO Luke Nestor explains, "Rockall is very proud of the fact that its collateral management solution, called STOC (Systematic Tracking of Collateral) has been chosen by Wachovia and four of the largest Federal Home Loan Banks - Boston, Pittsburgh, New York and now Atlanta. We believe we are the global leader in collateral management and the confidence shown in us by these leading Federal Home Loan Banks underscores that reality."
About Rockall Technologies
Rockall Technologies is an international software solutions company with offices in Dublin, Ireland and the USA. Rockall has over 15 years experience providing lending and collateral management solutions to strategic partners in the global financial services market. Rockall's products fulfill an organization's need for recording, managing and systematic tracking of liquid and loan book collateral. Rockall clients include Wachovia and FHLB Boston in the US, and National Australia Group, Allied Irish Bank, Bank of Ireland and Northern Bank internationally.
About FHLB Atlanta
The Bank is a cooperative financial services organization that provides funding, community development grants, and other banking services to more than 1,200 member financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The Bank is one of 12 district banks in the Federal Home Loan Bank System (the FHLBank System).
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