Johannesburg-based Standard Bank chose SunGard's (Wayne, Pa.) Capital Manager for Basel II solution for its Basel II compliance and capital management needs. Standard will deploy the product in its retail and wholesale operations in 23 locations. As part of the implementation, the Basel II Data Manager, a component of SunGard's solution, will be used to aggregate data across the bank's technology platforms and help streamline its capital management process.
According to Standard, it selected SunGard's Basel offering because of the solution's ability to provide risk capital calculations across the bank's commercial and consumer portfolios in an auditable manner. The bank also favored Data Manager because it was designed to help data reconciliation with the general ledger to ensure confidence in the quality of the underlying information.
"We chose the Basel II Capital Manager for its ability to help provide comprehensive compliance with Basel II regulations, and to help add value through integration of regulatory and economic capital components," said Annelie Schnaar-Campbell, head of Basel II implementation at the bank, in a statement. "As a proven solution already in use at a number of European banks, we believe that the Basel II Capital Manager will help us not only to minimize implementation risk, but also help us to deliver a sound solution within the required time frames."