CloudMargin, the groundbreaking collateral management platform, is now live and fully integrated within Metro Bank. CloudMargin is being used to provide collateral management technology for Metro Bank’s over-the-counter (OTC) derivatives and Repo portfolios. This collaboration between the two firms now means Metro Bank have greater control and visibility of their counterparty risk, with the ability to actively challenge and validate their collateral positions and balances.
CloudMargin was not only selected to bring increased efficiency, control and insight to the bank’s OTC derivatives and repo portfolios, but to also deliver state of the art capabilities at a fraction of the cost of traditional on-premise or ASP solutions.
Metro Bank is Britain's first new High Street Bank in over 100 years. They offer unparalleled levels of service and convenience to customers 7 days a week.
Alex Cockerell, Head of Treasury at Metro Bank commented: “Metro Bank had the need for a collateral management tool, but not the appetite for investing in expensive ‘big bank’ collateral management systems and infrastructure. CloudMargin offered a cost-effective; pay-as-you-go; plug-and-play cloud-based system, so there was no need for IT hardware, software or implementation spend. Most importantly the tool is simple and intuitive to use, and saves us time. The team at CloudMargin were great to deal with and incorporated our feedback into their development of the tool. Their customer service and quality product was a good cultural fit for the bank”.
Real-time, exception-based visibility in all collateral books is fast becoming a necessity for firms if they want to survive and remain in control of their collateral. CloudMargin presents Metro Bank with the capability of true cross product visibility, opening the door to the margin efficiency of netting. This collateral technology solution will present Metro Bank with the ability to make the right business decisions without the inefficiencies that traditional methods of managing collateral impose.
Andy Davies, Founder and CEO of CloudMargin, added: “Metro Bank has brought a huge amount of innovation to High Street Banking with their radically different and alternative approach. It is a great privilege to be working with them, and having them onboard reinforces our belief that the collateral management world is demanding a simple to use, yet functionally complete system that improves all aspects of the collateral management process, without costing the world”.