Union Bank announced it has selected Cachematrix to relaunch an upgraded money markets research and trading portal Union Bank MoneyPort.

 

According to the company officials, with the addition of Cachematrix technology, Union Bank's Institutional Trust & Custody Services group is now able to provide enhanced account management and compliance control features along with state of the art trading functionality to meet the needs of their extensive client base investing in money funds.

 

“Cachematrix is committed to providing our bank partners with the industry leading technology that they, and their corporate and institutional clients, have come to expect from us,” said George Hagerman, founder and CEO of Cachematrix, in a statement.

Hagerman said that banks partner with Cachematrix to build their money fund and fixed income trading systems not only for the cutting edge technology, but to simplify the implementation process.

 

“As a SaaS (News - Alert) firm, we remove the burden of building, housing and maintaining these systems by handling that internally,” he said. “This saves our clients considerable time, costs and resources.”

 

Cachematrix is a financial software provider (SaaS) of online institutional trading systems for banks and financial institutions worldwide. The company provides turnkey solutions for money market portal technology, as well as fixed income and variable NAV trading systems.

 

Marianne Bamonte, senior vice president and business manager of Union Bank’s Institutional Trust & Custody Services department, said that Union Bank is steadfast in its goal to deliver the most comprehensive online money markets research and trading technology available to the corporate and institutional custody and trust clients it serves.

 

“And by partnering with Cachematrix and implementing this upgraded global liquidity management solution, we believe we have set the right course for the retention of our existing client base and for greater future organic and strategic growth,” Bamonte said.

 

Union Bank's commitment to providing this type of money markets portal technology, plus its direct integration with the core custody systems and dedicated custody portal account servicing team will allow the clients to more efficiently manage their global short-term liquidity needs, Bamonte said. The end result is a reduction in administrative costs and the minimization of errors.