Having well-documented treasury management is only half the battle when it comes to minimising risk and taking control of an entities exposures, cashflow and balance sheet positions. It is essential for businesses to invest in strategic technology solutions that transform and automate operations, enhance real-time trading and monitoring capabilities and ultimately, deliver first class customer service in line with best execution policies.We asked Joe Locke, CEO, of Eurobase Banking Solutions, why he feels there is an increasing number of banks choosing Siena to accelerate their growth strategy.
Is it correct that you are seeing an increase in banks looking to consolidate their existing treasury, sales and online customer platforms and if so what do you believe are the key contributing factors to this?
Yes, its clear to us that this is an increasing market trend. Historically we recognise Banks went to market for a single point solution – either Treasury Management, Sales desk, single bank platform or, and more recently, regulatory reporting solutions. Now it is increasingly evident that single solutions are being sought which encompass all of these areas of operation. If you look back over time, Banks and other financial institutions would typically have implemented solutions dedicated to meet the specific needs of treasury, trading, Sales, online customer offering and increasingly more prominent, regulation & compliance. Banks are obviously recognising the benefits to be gained through adopting a single all encompassing platform.The most significant benefits we would highlight are simpler regulatory compliance and significant cost savings. Both of these benefits are hugely attractive.
How does Siena help to deliver these benefits?
Siena covers the entire treasury and trading workflow – including sales and online customer trading. Being entirely real-time and controlling pricing from the point of receipt (market rates or liquidity sourcing) right the way through to execution, Siena is able to provide full transparency and auditability of the entire lifecycle of a trade. With seamless integration to regulatory bodies, reporting requirements surrounding MiFIR, SFTR and FRTB are simplified. Siena provides the benefit of all required reporting data sitting within a single data source – this gives real peace of mind. Additionally, and equally significant, Siena makes it much simpler for a Bank to ensure a suitable Best Execution policy is in place and adhered to. Without the need for multiple solutions and data points and without the need for multiple integrations, the cost savings realised across software, hardware and IT resource are significant.
Siena sits at the heart of treasury and sales operations which now must comply heavily with audit and regulation. How important is that in helping Eurobase to differentiate itself from other providers?
We cannot deny that increased regulation plays to the strengths of Siena. We keep abreast of the changing regulatory landscape and ensure Siena remains completely aligned to this alongside demonstrating adherence to Codes of Conduct. (DW note – we should include reference to CoC as they have just been recognised by the FCA and are now part of SM&CR.) Siena, right from its inception is a single, completely real-time solution (not a combination of solutions acquired and integrated) that has always focused on capturing enriched trade information and full auditability of price generation and delivery. For most Banks, prices and executed deals pass through multiple applications which makes auditability and regulatory reporting a minefield. Siena is able to hit the key sweet spots across treasury, trading, sales, customer trading and regulation - all of which require this more than ever. With regulation only set to increase, Siena will remain uniquely positioned to meet current and future regulatory requirements whilst also helping to provide an excellent customer service.