|PNC Financial Services Group Selects SunGard's BancWare for Balance Sheet Risk Management and Data Integration|
Thursday September 11, 4:30 pm ET
NEW YORK--(BUSINESS WIRE)--Sept. 11, 2003--SunGard Trading and Risk Systems, an operating group of SunGard (NYSE:SDS), today announced that Pennsylvania-based PNC Financial Services Group will implement BancWare Convergence for comprehensive asset/liability management and data integration. BancWare Convergence is an integrated planning, reporting, and analysis tool that supports asset/liability management, financial planning and forecasting, and budgeting as a part of risk management.
PNC Financial Services Group (PNC), with over $65 billion in assets, sought a robust solution for asset/ liability management that would enable it to streamline processes with improved data flow and reporting. PNC also required flexible, advanced analytics for a more comprehensive view and detailed understanding of its risk/return profile.
PNC will use BancWare Convergence for total balance sheet management including market risk management, financial planning, and forecasting. PNC will use the latest version of BancWare Convergence, which utilizes a new technology platform and a high-precision analytical engine.
Kathryn Haynor, vice president and project manager at PNC, said, "We liked BancWare Convergence because although it offers complex, multidimensional analysis, it is easy to use, read, and manipulate. Its rigorous analytics, with flexible prepayment modeling and valuation models, and the equation building capability provide us with an in-depth understanding of our interest rate risk so that we can intelligently manage that risk and hedge accordingly. We can build in more assumptions, perform more what-if scenarios and spend more time analyzing the data rather than trying to retrieve and format it."
PNC will also use BancWare Insight for data collection, transformation and management. "BancWare Insight is critical to our business," said Ms. Haynor. "We completely understand that a good data management tool is essential for efficient, streamlined data flow, consistency, confidence and reliability."
BancWare Insight extracts, transforms, validates and loads raw data from subsidiary accounting systems into the format required to support financial analysis. It enhances data by performing a series of banking and finance-specific calculations to create consistent and accurate information feeds.
Terence Faherty, president of SunGard's BancWare operating unit, said, "Through BancWare's analytic engines and data management tools, our clients can more effectively analyze risk, forecast performance, and develop strategies for optimizing risk-adjusted returns. We are thrilled that PNC has joined our illustrious list of over 400 clients from 35 countries worldwide."