Rockall Technologies, a leading financial services solutions company, is delighted to announce that the Federal Home Loan Bank of New York (FHLB New York) has successfully completed its implementation of Rockall Technologies’ product – Systematic Tracking of Collateral (STOC) and has been live with the product since mid 2010.
FHLB New York has implemented STOC to allow real-time management of all types of collateral pledged by its member banks. STOC is used to automate the management of whole loan collateral as well as securities and cash collateral. Collateral assets are imported, analyzed for eligibility based on predetermined business policies, valued via multiple internal and external sources and discounted appropriately. STOC provides state-of-the-art real-time functionality to allow the FHLB New York to minimize risk but at the same time increase internal efficiencies and provide for a more effective platform to service its member borrowers.
FHLB New York’s Senior vice president and head of Member Services, Paul Héroux, explained, “We selected Rockall Technologies to deliver a best in class collateral management system to integrate, in real time with other critical bank systems. The solution, STOC, meets all of our primary needs. Many aspects of the solution are configurable by FHLB NY which enables us to control changes to policy and general changing business needs.” Regarding the vendor relationship Mr. Héroux added, “There were many complexities to the project including significant integration with multiple internal and external sources. Rockall proved itself to be a solid business partner and an extremely attentive organization who devoted the time and resources necessary to deliver a quality solution meeting our needs.”
Recent challenges in the lending markets along with increased compliance requirements have made the implementation of collateral management systems more critical than ever for financial institutions worldwide. As Rockall ceo Luke Nestor explains, “Rockall is very proud of the fact that its collateral management platform STOC has been chosen by a number of Tier 1 USA and global banks and a growing number of the Federal Home Loan Banks. We believe we are the global leader in the provision of collateral management product and services, and the confidence shown in us by the Federal Home Loan Bank of New York underscores that reality.”
