DUBLIN & CHARLOTTE, N.C.--()--Rockall Technologies, a leading financial services solutions company, is delighted to announce that the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has successfully completed their implementation of Rockall Technologies’ product - Systematic Tracking of Collateral (STOC) and has been live with the product since April 19, 2010.
“The environment is very challenging for lenders and it is clear that to mitigate risk an organization must have a complete understanding and control over its collateral. The Rockall solution hits the mark in both cases and will actually increase our operating efficiency as well.”
FHLBank Atlanta has implemented STOC to allow real-time management of all types of collateral pledged by its borrowing member banks. The Rockall product is unique in its integration capability with other banking systems, securities custodians and market pricing systems to accept and provide additional data so that lending positions can be calculated in real time and general reporting and/or inquiry functions are easily available to the bank's users.
STOC is a software product used to automate the management, tracking and valuation of securities and whole loan collateral. Securities collateral and loan assets are imported, analyzed for eligibility based on predetermined business policies, valued via multiple sources and haircuts are applied. The STOC product provides state-of-the-art functionality to allow the bank to minimize risk, but at the same time provide a more efficient and effective response to its member borrowers. At FHLBank Atlanta, this results in greater transparency of collateral valuation and enhancement to the value of FHLBank membership.
FHLBank Atlanta's Executive Vice President and Chief Credit Officer, Kirk Malmberg, explained, "We originally selected Rockall Technologies to provide enhanced collateral management software to our bank because we found it to be the most robust and yet, flexible and configurable collateral management solution available in today's market place." He added that "The environment is very challenging for lenders and it is clear that to mitigate risk an organization must have a complete understanding and control over its collateral. The Rockall solution hits the mark in both cases and will actually increase our operating efficiency as well." He continued that, “we (at FHLBank Atlanta) have all been very pleased with how smoothly the product has been integrated and implemented. Operations also has been smooth. We have a very productive relationship with Rockall Technologies and look forward to continuing this relationship into the future”.
Recent challenges in the lending markets along with increased compliance requirements have made the implementation of loan collateral management systems more critical than ever for financial institutions worldwide. As Rockall CEO Luke Nestor explains, "Rockall is very proud of the fact that its collateral management product, (STOC - Systematic Tracking of Collateral) has been chosen by Wachovia / Wells Fargo a growing number of the Federal Home Loan Banks - Boston, Pittsburgh, and Chicago. We are also completing implementation at a number of other banks in the USA and other regions. We believe we are the global leader in the provision of collateral management product and services, and the confidence shown in us by the Federal Home Loan Banks underscores that reality. The implementation at FHLBank Atlanta involved integration with other banking systems using the latest technologies to achieve real-time data transfer and the facilitation of on-line information to member banks. The joint Rockall Technologies / FHLBank Atlanta project team worked in spirit of true partnership to achieve this successful implementation”.
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions (CDFIs) and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.
About Rockall Technologies
Rockall Technologies is an international software solutions company with offices in Dublin, Ireland and the USA. Rockall has over 15 years experience providing lending and collateral management solutions to strategic partners in the global financial services market. Rockall Technologies’ products fulfil an organization's need for recording, managing and systematic tracking of securities, real estate portfolios, multiple other types of collateral and whole loan collateral. Rockall Technologies clients include Wells Fargo, U.S. Bancorp, FHLB Boston, FHLB Chicago, FHLBank Pittsburgh and FHLBank Atlanta in the USA, and National Australia Bank, Bank of Ireland and Standard Bank South Africa internationally. A number of other USA based and international banks are currently in the latter stages of their implementation of the STOC product.
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