Standard Bank Implements Thunderhead NOW
Standard Bank is implementing Thunderhead NOW to reduce operational risk across its derivative trade confirmation process.
Thunderhead NOW will be deployed to both streamline the production of over-the-counter (OTC) derivative trade confirmations and to ensure tighter control over the entire trade confirmation process. Thunderhead's platform will be used across Standard Bank's product range, including equity, credit, interest rate, energy and foreign exchange (FX) derivatives.
With the NOW platform, Thunderhead empowers end users to create new trade confirmations and reduces reliance on IT, hence improving time to market.
Thunderhead was selected following a competitive process involving other document generation platforms. It will replace a mix of legacy and in-house systems.
Thunderhead NOW will be integrated with WSI (Xceptor) technology, a confirmation tracking workflow tool which is also being deployed at Standard Bank. Trades will be fed in real time from front office systems into Xceptor. The Thunderhead NOW platform is then triggered to automatically generate the appropriate confirmation.
Thunderhead's technology is being rolled out to users in the UK later this year. Standard Bank expects to implement the NOW software to its international franchise in the future.
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