Standard Bank of South Africa selects Leading Collateral Management Solution from Rockall Technologies
Dublin, Ireland, August 2009 - Rockall Technologies, a leading financial services solutions company, is delighted to announce that their systematic tracking of collateral management solution, STOC, was selected by Standard Bank of South Africa (SBSA) after a detailed evaluation of the solutions in the market. SBSA will implement STOC in their Corporate Banking operation, initially in South Africa then rolling the implementation out to its operations’ in CIB International and finally the rest of Africa. SBSA have a need to replace their existing system with a solution which incorporates best practice in Banking Book Collateral Management and also provided flexibility to change as the bank operations grow.
STOC is a software application used to automate the management, tracking and valuation of collateral. Collateral and loan information are imported, analysed for eligibility and LTV based on predetermined business policies, valued via multiple market sources and haircuts are applied. Many of the problems faced by financial institutions today come from an inability to properly mitigate the risks involved in lending, most recently experienced in the housing market, in the areas of perfecting and valuing collateral and thus reducing risk. 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.
“If the ship ever sinks, it’s important to know if you are still carrying any cargo and whether this is buoyant or not” We look forward to our partnership with Rockall Technologies in managing our collateral according to best practice so as to maximize capital benefit for the Bank and minimize loss for shareholders, and a thorough understanding of this collateral and its value in various jurisdictions is all the more important given our emerging market focus. Clive Laburn, Project Executive, SBSA
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’s product has once again proven to be highly flexible and will facilitate SBSA’s goal to have a first-rate collateral management process. This will ensure that their loan books are well managed daily from a regulatory and business perspective. Rockall’s executive directors all have more than 25 years experience and thus, Rockall presents a proven track record as the partner of choice to deliver a quality product allowing banks to utilize risk management as a method to increase sales.”
About Standard Bank:
Standard Bank is a leading African banking group focused on emerging markets globally. With assets exceeding R1509 billion [Y08], it is the largest banking group in Africa (by market capitalisation) and operates in 33 countries worldwide. The group has been a mainstay of South Africa's financial system for over 145 years. In recent years, led by the Corporate & Investment Banking division, Standard Bank's international expansion has taken it from its southern African base into 17 countries across the continent, and 16 countries outside Africa.
Standard Bank's Corporate & Investment Banking division serves a wide range of client requirements around the world for banking, finance, trading, investment, risk management and advisory services. Having developed in line with globalising capital markets and the growing sophistication in financing requirements in emerging markets, the division has built a deep understanding of the market dynamics in countries with rapidly developing economies.
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