Northern Rock will install front, middle and back office modules from the technology firm which will be used to process the transactions involved in short and long term funding, including securitization issues and covered bonds, securities investments and derivatives.
In addition, the software will be used to help the bank comply with the International Accounting Standard (IAS) 39. Wall Street Systems will also be providing a managed service to help support the daily technical activities required to run the system.
Increasing regulation and the escalating range of instruments we use has driven this initiative to review our technological needs, said Steve Johnson, deputy treasurer at Northern Rock. The Wall Street System will support our growth objectives and by working closely together, we will both benefit from future developments.
The system is expected to go live next year.
