Israel Discount Bank of New York (IDBNY), an international bank with a global asset management division, intends to shore up its accounting and portfolio management capabilities after purchasing Paragon and Thomson Vision, two fixed-income products from Thomson Financial.
IDBNY bought both products to manage its fixed income U.S. investments and meet its global trading and portfolio requirements.
The bank recently upgraded to the treasury platform Thomson Vision, purchasing the core module as well as the money market, interest rate swap and counter-party risk management functions. Foreign exchange functionality will be included in a second phase of implementation set for coming weeks. A new feature for processing optional delivery foreign exchange deals had recently been added to the Vision palate.
IDBNY chose Paragon specifically for its accuracy in managing asset-backed and mortgage-backed securities. The platform is a front-to-back end system with trading, portfolio management and accounting functionality. The system has been live since February.