Lombard Risk, the 2nd largest global provider of specialised software solutions that improve the management of collateralised trading and regulatory compliance, today announces a major contract win for its collateral management software product COLLINE®.
The Group has licensed COLLINE® to a top tier Continental European bank with active operations in London, New York, Singapore and Tokyo. This major contract, which is expected to generate revenues of more than £1m in the first year and contribute to future years, is of major strategic importance to Lombard Risk as it represents a decisive breakthrough for the COLLINE® product into the highest league of the banking market.
Lombard Risk’s technical innovations in COLLINE® allow scalability and resilience. The selection process proved the ability to handle very large trade and collateral agreement volumes and straight-through processing extremely quickly. Such factors were key in obtaining this deal, as was the fact that COLLINE® was a fully web based product.
John Wisbey, chairman and ceo of Lombard Risk, commented as follows:
"This is a truly tipping point deal for our COLLINE® product which was won in fierce competition with the leading players in this industry in an evaluation process which took several months. The deal reinforces our position in the collateral management market which is so important to banks in managing their counterparty risk and optimizing their capital utilisation. If we can handle this bank’s volumes satisfactorily, we can handle any bank’s volumes. It is an excellent deal with which to start our new financial year, and we hope it will lead to a number of other similar deals".