Chile’s Banco Penta Selects Calypso Derivatives Platform

Calypso Technology said that Chile’s Banco Penta has licensed Calypso’s integrated technology, enabling the bank to fully process interest rate derivatives front-to-back.

Based in Santiago, Banco Penta specialises in capital markets, financing, asset management and corporate finance for private banking, corporate and institutional clients. The bank has recently 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-on-year for the next five years. To this end, it initiated a search for a technology platform that would enable trade automation and real-time processing with comprehensive controls able to scale with business growth while mitigating operational risks.

Banco Penta selected Calypso software as the foundation for its expansion strategy in the interest rate and currency derivatives business. The system will support the main local and international products, such as cross-currency swaps and interest rate swaps, in foreign currency with local benchmarks such as the Chilean Unidad de Fomento (CLF), the peso, the camara and the dólar observado rate.

The bank and its branches will be able to offer clients a variety of swaps and financial products. Banco Penta will consolidate its technology infrastructure by incorporating offerings currently supported by other systems into Calypso, such as foreign exchange (FX) spot, FX forwards, FX swaps, local and international fixed income and inflation indexed products.

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