BancWare Convergence Selected by Richmond County Savings Bank for ALM and Financial Planning Solution

Strategic Insights -

BancWare, a leading provider of integrated asset-liability management (ALM) and financial planning and forecasting solutions, has been selected by Richmond County Savings Bank to implement its Convergence solution. As a $2.8 billion asset bank headquartered in Staten Island, NY, Richmond County Savings Bank was seeking a tightly integrated ALM and financial planning and forecasting solution that would meet its complex needs.

BancWare Convergence was chosen for its proven ability to provide a single vendor solution for ALM and financial planning and forecasting, its reliability and commitment to the ALM and financial planning and forecasting markets, and its fully integrated Microsoft Excel spreadsheet interface. The solution will enable Richmond County Savings Bank to collect, transform, and manage data, perform comprehensive budgeting and planning, and conduct advanced financial analysis, including term structure modeling and option adjusted value at risk.

"We were looking for a number of characteristics in an ALM and financial planning and forecasting solution and we saw that BancWare would not only fit our functionality requirements but would also be a vendor that would be there down the road to meet our needs," said Frank Akalski, asset-liability manager with Richmond County Savings Bank.

Key Takeaways:

  • BancWare Convergence has been selected by Richmond County Savings Bank for its ALM and financial planning and forecasting solution.
  • The solution provides a single vendor solution for ALM and financial planning and forecasting needs.
  • BancWare's reliability and commitment to the ALM and financial planning and forecasting markets were key factors in the selection.
  • The Convergence solution offers fully integrated Microsoft Excel spreadsheet interface for one-step reporting.
  • The solution supports data collection, transformation, and management; comprehensive budgeting and planning; and advanced financial analysis, including term structure modeling and option adjusted value at risk.
  • Richmond County Savings Bank was seeking a tightly integrated ALM and financial planning and forecasting solution.
  • The bank has more than $2.8 billion in assets and is headquartered in Staten Island, NY.
  • BancWare serves more than 200 clients in over 15 countries worldwide.

Statistics:

  • $2.8 billion: the assets of Richmond County Savings Bank.
  • More than 200: the number of clients served by BancWare worldwide.
  • 15+: the number of countries where BancWare has clients.
  • 1981: the year BancWare was founded.

Sources:

  • "BancWare Announces Richmond County Savings Bank's Selection of BancWare Convergence". Business Wire. December 15, 1999.
  • "About BancWare". BancWare.com.
  • "SunGard Data Systems Inc." (company overview). New York Stock Exchange.