Miami bank chooses lightning for fixed income 30 October 2013Miami Reporter: Georgina Lavers
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The Miami-headquartered bank Sunstate has selected ‘Lightning’ to support its fixed income trading, funding and safekeeping services.
Lightning is a service offered by the firm SS&C Technologies.
In order to grow its investment and safekeeping business and further enhance the services it provides to private banking clients, Sunstate needed a low cost, easy-to-implement solution that would allow staff to focus on business growth rather than administration.
SS&C’s Lightning will help Sunstate expand this area of its business while keeping costs to a minimum, said a statement.
“Lightning will allow us to automate tasks such as administrative processing, keeping information on all our custodians, issuing statements, confirmations, 1099s and performing repo pledge processing, all on an integrated SaaS platform,” said Fabricio Macastropa, vice president of investment operations for Sunstate Bank.
The decision to implement Lightning builds on Sunstate’s existing relationship with SS&C as it already uses SS&C’s PortPro for bond accounting, reporting and analytics.
“Sunstate was looking for a true technology partner to help it grow its business. This project further strengthens our strong relationship and we are confident Lightning will deliver significant productivity gains as well as great customer service, supporting the bank in its future growth,” said Bill Stone, chairman and CEO of SS&C Technologies.
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