Banco Penta Selects Calypso for Interest Rate Derivates

Chile's Banco Penta will now process interest rate derivatives front-to-back using Calypso technology, the San Franciso-based vendor announced.

Banco Penta has undertaken an aggressive expansion in the capital markets space, focusing on sophisticated financial products such as interest rate and currency derivatives, with the plan of doubling revenue year after year for the next five years. To this end, Banco Penta initiated a search for a technology platform that would enable trade automation and real-time processing with comprehensive controls that can scale with business growth while mitigating operational risks. After evaluating suppliers for over a year, it chose Calypso due to the firm's experience in the region and the product's complete front-to-back solution covering a broad range of financial assets.

Banco Penta will consolidate its technology infrastructure by incorporating offerings currently supported by other systems into Calypso, such as FX Spot, FX Forwards, FX Swaps, local and international fixed income and inflation indexed products.

"After a long and thorough analysis of the alternatives available, it was clear that Calypso Technology provides the combination of a system that can support the complete process for all relevant asset classes with the implementation experience in the Chilean market," says Daniel Subelman, head of capital markets for Banco Penta.