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TECHNOLOGY NEWS

World Bank takes Summit for back-office

The World Bank’s treasury department in Washington has implemented a back-office system supplied by New York-based software firm Summit Systems, a subsidiary of Misys.

The new system, which went live in June, was integrated with the bank’s existing front- and middle-office applications to achieve straight-through processing (STP) aiding automated confirmation generation and dispatch, settlement messaging and payment processing. Further additions include