San Francisco, 08 July 2002 – Calypso Technology announced today that ING Bank is implementing Calypso for its treasury processing. The system will be installed initially at Banque Bruxelles Lambert (BBL), a subsidiary of ING. The implementation is part of ING's plan to reduce operational costs by consolidating its back office processing.
Last year, ING decided to bring together the processing for the financial markets businesses of ING Bank, ING Barings, BBL, BHF, and other subsidiaries. By consolidating the operations and IT platforms of these units in shared service centers, ING plans to lower costs and provide improved customer service.
Calypso will provide the processing software that makes this strategy viable, giving ING the potential to process in one system all of the financial products traded by its various legal entities. Moreover, the software is consistent with ING's desired infrastructure for the future. Calypso is modular in design, written in Java, and scales well as volumes increase. The system is designed and built to support centralized processing in large financial organizations.
"When a bank upgrades its processing infrastructure," said Kishore Bopardikar, President of Calypso, "it is a long-term decision. It demands a platform that can support its business now and well into the future. We are pleased ING sees us as that system. This announcement, along with other recent customer announcements, shows that Calypso is now the processing system of choice for top-tier firms."
Monday, July 8, 2002
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