World First to Use Derivitec's Risk Portal
LONDON, UNITED KINGDOM--(Marketwired - September 13, 2016) - World First, one of the world's largest non-bank providers of tailored foreign exchange solutions, has selected Derivitec's Risk Portal product for its collateral management and risk reporting requirements.
Derivitec's Risk Portal allows clients to access industrial standard risk reporting software directly through the web, with zero installation overhead. Whilst originally designed to handle analytics on derivative products, the platform has been significantly extended to cover everything from shocks to regulatory reports across a wide range of assets, globally. End of day market data, and portfolio management are provided as standard, leaving the client with nothing more to do than upload portfolios and calculate to obtain their end of day risk numbers.
World First's trade and counterparty data are being fed into the Derivitec platform, allowing them to drill down into changes in counterparty collateral and margin requirements that would result from an unlimited range of possible market scenarios. Such a capability is now proving indispensable in the wake of Brexit, where an exact view of which counterparties are likely to come under margin stress, and why, has become essential in the day-to-day risk management of foreign exchange products.
World First was impressed with the ease of use, flexibility, quality and responsiveness of the platform, as well as the quick turnaround on new requests from the Derivitec team.
Rick Roache, Head of Corporate Dealing and Structuring at World First, comments: "Derivitec's platform, with its easy-to-use interface and seamless integration with our internal risk management processes stood out for us. We're pleased to be working with a similarly innovative FinTech company which will support us as we aim to deliver the best possible service for our clients."
George Kaye, CEO and founder of Derivitec, comments: "Working with World First has been a hugely important experience for us. Whilst we had already established a track record with another foreign exchange provider in risk reporting, the extension to collateral management has greatly increased the applicability of the product to other stakeholders in the business, notably treasury and credit departments. We are greatly looking forward to continue building on our mutually beneficial relationship in the years to come."
Derivitec Ltd is a privately owned, UK based independent software vendor specialising in high performance, cost effective analytics for the derivatives industry. Founded in Dec 2011, the company has been working intensively towards cloud based solutions for risk and portfolio management.
The Derivitec Risk Portal has been designed to allow users to start analysing risk on their derivatives portfolios in a matter of minutes. With industrial standard models and sanitised market data as standard, customers can focus on the business of business, while we concentrate on the business of risk.
About World First
World First is market-leading, award-winning, rapidly-growing international FinTech business. An expert in international currencies and money transfer, World First combines specialist knowledge of foreign exchange markets with technological innovation to help individuals and businesses manage cross border currency payments quickly, securely and transparently. A specialist alternative to traditional banks' generalist approach, World First has successfully exchanged more than £40bn for over 100,000 individuals and businesses since 2004. World First's corporate and e-commerce desks enable SMEs and online marketplace traders to expand internationally via a specialist and personalised service proposition and bespoke technology. We call these businesses 'mini-multinationals.'
World First employs c.500 people across six international offices of London, Amsterdam, Sydney, Texas, Singapore and Hong Kong with plans for further expansion into new countries. World First has strategic partnerships with over 20 businesses including Virgin Money, News International, Le Figaro and The Australian. World First has licences to service clients in over 45 countries.
To find out more, please visit www.worldfirst.com.
This information is provided by RNS