ICBC automates pools with Helix's aid 06 February 2014New York Reporter: Georgina Lavers
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Industrial and Commercial Bank of China Financial Services (ICBC) has implemented HelixRepo for its fixed income financing business and HelixMBS to automate allocation of mortgage-backed securities pools.
Helix Financial Systems owns the two solutions.
HelixRepo provides collateral management functions, real-time access to inventory and transactional information as well as transparency into counterparty risk.
“Helix products required integration with some of our proprietary technology, but the implementation could not have been smoother. The team was extremely knowledgeable and understood exactly what needed to be done from both a business and technical point of view,” said Phil Fruchter, chief technology officer at ICBC.
John Hock, director of securities operations at ICBC, said: “We were amazed at the automation capabilities and ease of managing to-be-announced (TBA) pools in HelixMBS. Tasks that used to take 10 minutes now take just seconds.”
Todd Berlent, president of Helix Financial Systems, said: “We find it extremely validating to have them sign up to use multiple of our product offerings, and anticipate they will drastically reduce operational costs and increase workforce productivity.”
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