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Luzerner Kantonalbank implements FM Converge from Finmechanics

By Gloria Methri

February 20, 2024

  • B2B Trading Technology
  • Banking Software Company
  • Europe
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Finmechanics, FM Converge, Luzerner Kantonalbank, LUKB, SaaS, Cloud, FinTech, Switzerland, EuropeLuzerner Kantonalbank (LuKB), a Swiss cantonal bank, has selected Singapore-based banking software provider Finmechanics for trading technology. The partnership will see LuKB integrate Finmechanics’ FM Converge platform into its existing infrastructure.

Positioned as a “high-performant cross-asset” front-to-back platform, FM Converge enables banks to run their market business on a private or public cloud. Built on a services-based architecture, the platform enables short time-to-market for new products, manages compliance with new regulations and handles growth in client flow of vanilla and structured products seamlessly.

“By integrating FM Converge into LUKB’s infrastructure, we were able to provide full cross-asset pricing and risk capabilities with a very low technology footprint,” said Anindya Sarkar, CEO of Finmechanics. “This project brings together our experience from the large Asia Pacific and Global banks, our SaaS capabilities and highly responsive local support. I extend my sincere thanks to LUKB for their trust in us and our product and the great collaboration throughout the whole project. We remain committed to supporting our client beyond the platform’s implementation, ensuring that navigating evolving financial management needs are continually met with excellence and dedication.”

Daniel Bommer, Head of Trading  Treasury Services of LUKB said, “FM Converge offers LUKB future-proof trading software that covers all the functions required for pricing, trading, and risk management across all asset classes. With FM Converge, we have implemented a state-of-the-art infrastructure that enables our targeted growth in the trading business and at the same time fulfils all existing and future regulatory requirements. Finmechanics proved to be a competent, agile and innovative partner during the project, and we look forward to tackling future challenges in the trading sector together with Finmechanics.”

FM Converge has been deployed on the cloud in a SaaS (Software as a Service) model to address the Pricing and Risk requirements of all asset classes including Crypto. High-speed full-revaluation computations of VaR, sensitivity and various risk measures for all trade types, have enabled the bank to actively manage real-time financial risk arising out of its market’s operations and client trades.

Going forward, cross-asset structured products, additional market, and credit risk modules (such as SA-CCR and FRTB) and Collateral Management will be rolled out, providing the bank with comprehensive coverage for both current and upcoming regulations.

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