Treasury and Investment Operations Will Benefit from New Partnership
Dubai, United Arab Emirates
Drawing on its global experience in providing solutions for the financial sector, Sun Microsystems Middle East & North Africa announced today that it is working with Oman Computer Services (OCS) and Synergy Log-in (Synlog) to provide a comprehensive offering for the treasury and investment functions of banks throughout the Middle East.
Sun’s announcement comes at a time when many financial organizations are looking for automated solutions that can help them deal with changes in the regulatory environment, increased competition and other new challenges. Under the terms of the agreement, the companies will work together to enable banks to reduce their levels of operational risk, and thereby increase their overall efficiency.
The new package of technical, education and consultancy services from Sun and OCS – which represents Synlog in the Middle East – treats treasury and investment departments as profit centers, and helps them address imbalances between the risk and return elements of different financial decisions. The objective is to provide banks with clearer information and greater transparency around their investment choices, enabling them to preserve controls more effectively, ensure regulatory requirements are met and ultimately earn more from their assets.
“Sun Microsystems recognizes that the financial sector in the Middle East is changing, and it’s important that solutions are available that can help banks and financial organizations adjust to the new climate,” said Klaus Miserra, Sun’s financial services practice manager for the Eastern Mediterranean, Middle East and Africa region (EMMA).
“Our new program is designed for decision-makers who want to keep on top of new advances in technology and ensure that their companies fully realize the benefits these can bring,” he added.
Processes supported by the new partnership include Straight Through Processing (STP) capabilities for trading systems, which enable companies to squeeze out waste, time and settlement costs through continuous electronic processing. In addition, support is available for financial organizations looking to harness advanced analytics for front, middle and back-office functions, including risk management, asset and liability management (ALM) and core banking systems.
C.E. Potnis, general manager, Oman Computer Services, commented: “Our experience in the banking business has indicated that financial service organizations want greater insight into technology-enabled operational risk management and risk-return management. We plan to address the specific business needs of treasury and investment functions, with options that offer maximum return on investment and provide the flexibility necessary for organizations to manage periodic regulatory and economic change.”
Sun and its partners’ new program for treasury and investment functions spans a broad range of consulting exercises, technology showcase centers, workshops and solutions architecting, all of which will roll out across the region in the coming months.
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About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision -- "The Network Is The Computer[tm]" -- has propelled Sun Microsystems, Inc. (Nasdaq: SUNW) to its position as a leading provider of industrial-strength hardware, software and services that make the Net work. Sun can be found in more than 100 countries and on the World Wide Web at http://www.sun.com
About Synergy Log-In Ltd
Over the past decade, Synergy Log-In (Synlog) has successfully rolled out two generations of products in the treasury and investment space. Today, Synlog has been ranked as a leader in banking systems in worldwide surveys conducted by International Banking Systems Publishing, UK. The new generation client server offering ITMS is the end-to-end treasury solution of choice in South Asia, Africa and the Middle East. The Company is synonymous today with automation and analytics in treasury and investment operations. For more information see www.synlog.net
About Oman Computer Services LLC
Synlog is represented in the MiddleEast by Oman Computer Services. With a presence across the region for the last 24 years, OCS markets, implements & provides ‘next-door’ support services to Middle East Banks. OCS Banking Systems Group offers high end systems integration expertise across Treasury, Investment, Brokerage, Reconciliation, Trade Finance, Payment & Settlement Systems. OCS extends the service & support levels to the system platform level through Technology Solutions Group, a specialized group of experts within OCS who ensure high availability, timely storage and back-up of data, securing the application against security threats. For more information see the world-wide web at www.ocsoman.com.
© Press Release 2003
