Federal Home Loan Bank of Boston Implements Leading Collateral Management Solution from Rockall Technologies, FHLB Boston - January 3. 2008
Rockall Technologies today announced that the Federal Home Loan Bank of Boston (FHLB) has implemented their liquid and loan book collateral tracking system for its member portfolios.
The solution provides an automated, proactive approach to managing processes, controls and reporting associated with the management and valuation of liquid and loan book collateral.
FHLB Boston's Chief Risk Officer, George Collins explained the bank's decision to implement the solution: "The primary mission of FHLB Boston is to serve the credit requirements of our members. To fulfill those requirements effectively we needed a collateral management solution with enhanced functionality, so we selected Rockall."
Rockall went through a rigorous selection process with FHLB Boston as William L. Oakley, Chief Administrative Officer and CIO at the bank, explained, "We explored the domestic and international markets for a solution with the functionality, scale and extendibility we needed. After detailed due diligence, it was clear that Rockall was best of breed in this area. And, in addition to the best solution, Rockall also proved that they had the consulting expertise to deliver the project in a timely manner and under budget."
Kelly LaCava, First Vice President, Director of Information Technology at FHLB Boston, worked closely with Rockall on the project and explained, "One reason for the successful implementation of Rockall's collateral management solution was their approach to the development and delivery lifecycle which was compatible with our own approach to project management." She continued, "Rockall is also a refreshingly honest vendor with a true partnership ethos."
Rockall Technologies has over 15 years experience providing lending and collateral management solutions to strategic partners in the global financial services market.
Luke Nestor, CEO of Rockall, said that his company's work with FHLB Boston confirms the company's position as a leading provider of collateral management systems to financial institutions around the world, and added, "We are delighted to work with FHLB Boston. Like many clients, FHLB needs a solution to manage risk in an automated and auditable way. Rockall provides this solution to them."
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 Boston
The Federal Home Loan Bank of Boston is a bank for banks. Cooperatively owned by more than 460 New England financial institutions, the Bank provides reliable access to wholesale credit for these members and other qualified borrowers. The mission of the Federal Home Loan Bank of Boston is to facilitate and enhance the availability of credit for housing and economic growth, including the housing-finance and neighborhood-development needs of low- and moderate-income families in communities served by our financial institution members. To accomplish its mission, the Bank prudently and effectively utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, education and technical assistance, and other products and services.
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