Profile Software, an international financial services solutions provider, announced today the selection of Login’s Acumennet by Sumitomo Mitsui Trust Bank, (SuMiTB) in Japan to support their Treasury operations across six overseas offices in the United Kingdom, USA, China, Singapore, Hong Kong and Thailand.
Founded in 1925 and headquartered in Tokyo, SuMiTB provides banking and trust services in Japan. SuMiTB offers financial services such as syndicated loans, real estate finance, project finance and other finances. It also provides asset management and real estate management service, as well as consulting services, including M&A advisory and consulting for corporate clients.
SuMiTB was looking for a core banking system to replace their legacy system and for a comprehensive Treasury Management Solution that would allow standardization of processes across the overseas offices with a fully integrated STP platform that would streamline operations between front and back office and eliminate double input replacing their legacy systems. SuMiTB was also looking for the solution with a single common database to facilitate its global system management while overcoming the induced challenges of time zones, volume and confidentiality across offices. SuMiTB is exploring to utilize cloud environment to run the solution for maximizing its benefit. The solution will be implemented across their overseas offices, in London, New York, Singapore, Bangkok, Hong Kong and Shanghai.
Following a thorough vendor evaluation, SuMiTB selected Acumennet as it supports their set requirements with its front office supporting functions and an extensive range of financial instruments being managed by Acumennet covering the full range of FX, MM, Securities, OTC derivatives and Exchange Traded derivatives. Valuation of complex instruments can be shared with the back-end for proper accountancy of P&L.
Acumennet will also support flexibility and efficiency of operations by integrating several dealing platforms currently used by SuMiTB. It will also interface with the system to set up real-time imports, ensuring minimum user intervention throughout the deals’ life cycle.
Profile Software Group and Login S.A. continuously invest in the development of Acumennet in order to significantly enhance its functionality and user experience with modern features accommodating latest trends and supporting full STP, thus delivering modern and automated environment to support cross-banking operations, successfully.