OpenLink has completed the initial phase of a comprehensive banking and treasury solution at online start-up bank, Banco Original, an online bank focused on retail customers.
OpenLink offers trading and risk management solutions for the financial services, corporate, energy, and commodities industries.
The implementation at Banco Original, which is a subsidiary of large Brazilian conglomerate, J&F Group, was completed in an impressive time frame of ten months.
OpenLink serves as Banco Original’s new cross-asset and treasury solution, integrated with internet banking and handling a range of financial products such as LCAs, CDBs, and CDIs. Transactions are captured, processed and settled in the system with automatic client notifications.
Banco Original CIO Wanderley Baccala said: "As one of Brazil’s most innovative banks, our technology is critical to our client service and to our success, so we placed a lot of trust in OpenLink.
"We are delighted to see that trust paying off, following a quick implementation supported by OpenLink’s local team in São Paulo. We are already looking forward to the next phase of the project, which will expand the scope of financial products supported."
The next phase will see Banco Original include additional debt, treasury and derivatives instruments, enabling clients to invest in a broad portfolio of financial products, including money market, government bonds, debentures, swaps, derivatives and structured operations certificates (COEs).
OpenLink Latin America Director Arthur Ware added: "The flexibility inherent in OpenLink’s product architecture means we are able to support the unique challenges of attending to the Brazilian market in a way that other systems cannot.
"This is how we have been able to deliver a truly integrated solution, reducing complexity and the number of systems required. OpenLink has been installed in large Brazilian banks for almost 10 years, but this deal demonstrates its suitability to a range of medium-sized banks with ambitious growth plans as well."
OpenLink has been ranked as a ‘leader’ in Gartner’s Trading Platforms Magic Quadrant and placed as a category leader in Chartis’Buy-Side and Sell-Side Risk Management Technology RiskTech Quadrants. Most recently, it was named the Best Derivatives Operations Solution at the 2016 Financial Technology Forum Innovation Awards.