BankMuscat Selects Triple Point to Launch Precious Metals Business

WESTPORT, Conn.--(BUSINESS WIRE)--Triple Point Technology^®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that BankMuscat (SOAG), with assets totaling over $13 billion USD, has selected Commodity XL for Precious Metals™ to manage its precious metals trading, retail commerce and inventory management across 116 branches.

“BankMuscat joins a growing list of major banking organizations to select Triple Point’s Commodity XL for Precious Metals to manage its physical and financial trading and risk”

BankMuscat has a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank owns 49% of BMI Bank and holds a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market. Earlier this year, BankMuscat entered the high-growth Pakistan market by acquiring a 35% stake in Saudi Pak Commercial Bank.

Seeking to launch a precious metals consignee business and scale it in a risk-aware manner, BankMuscat required a solution to integrate trade information from both international supplier and regional buyer, provide buyer limit and exposure management and effectively manage organizational security and compliance.

“BankMuscat joins a growing list of major banking organizations to select Triple Point’s Commodity XL for Precious Metals to manage its physical and financial trading and risk,” said Mike Ravo, vice president, industry solutions, Triple Point. “Commodity XL provides BankMuscat with the ability to procure bullion stock on a consignment basis from international suppliers, manage inventory from central consignment to point-of-sale and monitor exposure and margins in real-time for an enterprise view of risk.”

Commodity XL is the leading multi-market commodity and enterprise risk management solution that meets all of the requirements for supply, trading, marketing, logistics, scheduling, risk management and accounting in today's volatile and complex environment: multi-commodity management, business intelligence and analysis tools for proactive decision-making, real-time integration of physical and financial positions, advanced service-oriented architecture (SOA) and comprehensive enterprise risk management covering the four key areas of corporate financial exposure: operational risk, market/price risk, counterparty credit risk and corporate governance and regulatory compliance risk. Commodity XL for Precious Metals is based on ‘METAGRID,’ mature, market-proven technology obtained in Triple Point’s acquisition of CoralGrid.

About Triple Point Technology

Triple Point Technology^® is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point’s Commodity XL™ profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight. In addition to Triple Point's award-winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer package goods (CPG), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution. Named to the Deloitte Technology Fast 50 for ten straight years, Triple Point added to its record-breaking organic growth in 2008 with the acquisitions of INSSINC, the leading provider of hedge accounting and fair value level software and ROME Corporation, the industry leader in credit risk software solutions. Triple Point, headquartered in Westport, Connecticut, USA, was founded in 1993 and serves clients from nine development and support centers located around the globe. More information is available at www.tpt.com.