QuIC Financial Technologies

QuIC Financial Technologies

April 30, 2010 10:00 ET

QuIC Financial Technologies Signs Deal With U.S. Tier One Bank to Implement Real Time Counterparty Credit Risk

QuIC Chosen for Its Unmatched Speed, Real Time Capabilities and Industry Leading Reputation for Successful Implementations

VANCOUVER, CANADA--(Marketwire - April 30, 2010) - QuIC Financial Technologies, a market leader providing the world's financial organisations with risk management, pricing and analytic solutions, is pleased to announce the company has won a major deal with a tier one global bank headquartered in the United States. QuIC is implementing their Counterparty Credit Risk Solution for Potential Future Exposure calculation using an incremental monte carlo pre-deal check.

"This win is very significant for QuIC in a number of ways," states Justin Forrest, Executive Vice President of Global Sales for QuIC. "Not only does it validate the growing demand for our leading technology in the North American market it also shows the strength of our offering by proving our ability to win deals against incumbent vendors that already serviced the bank for enterprise risk."

Selected for its exceptional speed, performance and reliability, QuIC offers the bank's trading and risk professionals the ability to calculate real time PFE in a low latency environment for high volume business lines and structured products. By bringing these key risk calculations into a real time environment, QuIC will help the bank reduce risk, free up capital and align business and risk. QuIC will provide considerable insight into risk and exposure quicker, more accurately and more encompassing than existing risk management solutions, allowing the bank to properly manage credit exposure.

Faced with increasing challenges to effectively manage its credit risk and exposure activities, remain competitive and stay ahead of evolving regulatory compliance and corporate governance, this Tier One Global Bank required a solution that offered a rapid implementation to ensure increased value and return on its investment.

"Recognising the need to increase its competitiveness through effective risk management both pre and post-trade, this client has an extremely aggressive deadline to complete this installation within one year," added Paul Jones, Vice President, Product Management for QuIC. "As such, this new contract not only reinforces our market leading risk solutions, but it also further highlights our reputation in the industry for quality service and successful implementations. At QuIC, we are committed to remaining at the forefront of the market with proven solutions, technology and satisfied clients, and we expect this new client to continue our success of 100 percent referencability amongst our client base."

About QuIC

At QuIC, we provide the world's leading financial organisations with bespoke solutions to power their risk management, pricing and financial analytics. With the advanced vectorised technology of the QuIC Engine™, our solutions perform highly complex, large-scale calculations at unparalleled speed with unmatched accuracy. From intraday portfolio analysis to rapid implementation of new models and financial instruments, our technology allows industry leaders to stay ahead of the market and ahead of the competition.

Contact Information

  • Press Contact
    QuIC Financial Technologies Inc.
    Julie Zuzek, Director of Marketing and Communications
    +44 (0)20 7562 4570
    +44 (0)20 7562 4571 (FAX)
    julie.zuzek@quic.com