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Unicredit and Datasynapse partnership.

DataSynapse recently announced that UniCredit, one of Europe's largest banking and financial services companies, has completed implementation of DataSynapse GridServer software for use by the Capital Allocation Unit of its Italian operating division.

UniCredit is employing Application Virtualisation technology to improve the processing capabilities of its central pricing application named Bulldozer to deliver timely and compliant financial figures, while reducing the firm's exposure to operational risk. The GridServer deployment supports the unique pricing of the group's banking book, a requirement of International Accounting Standard (IAS) 39 and Basel II.

Under IAS 39 and Basel II, European banks are required to establish principles for recognising and measuring corporate holdings within their banking books. These include financial assets, financial liabilities and some contracts to buy or sell non-financial items. With strict compliance deadlines, UniCredit's Capital Allocation Unit needed a system that could uniquely generate financial figures and perform computation in the least amount of time possible. The bank's IT department, UniCredit Global Information Service (UGIS), turned to DataSynapse as one of the leaders of Application Virtualisation technology.

The software enables application services to be distributed and executed across a shared, heterogeneous infrastructure. By creating a virtualised environment that matches user demand with supply of available system and data resources, GridServer provides an "on-demand" environment that improves application performance, resiliency and uptime.

www.datasynapse.com
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Title Annotation:IT News and Products
Publication:Database and Network Journal
Date:Jun 1, 2007
Words:222
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