Synechron launches new Libor impact analysis software
Synechron, a digital consulting firm for financial services, launched its newest Accelerator solution.
The Accelerator will help financial services firms solve complex benchmarking challenges approaching the 2021 London interbank offer rate (Libor) phase-out deadline. The ‘Data Science Accelerator for Libor Impact Analysis’.
This is the latest addition to Synechron’s existing AI Data Science Accelerator program.
The new Accelerator enables financial institutions to identify and quantify their Libor exposure at either a contract level or across all contracts within an institution.
It aims to address the complex regulatory changes related to the transition from Libor to alternative rates and leverages optical character recognition (OCR) and three levels of natural language processing (NLP) to identify and quantify Libor exposure at the contract level, or across all contracts within an institution.
The Accelerator then allows contracts to be revalued using alternative rates and valuation models for a reduction of manual Libor impact assessments and enhanced productivity making the overall contract review process faster and reduces costs by 80%.
It joins over 60+ Digital Accelerator solutions built for banks, asset managers and insurance companies through Synechron’s Financial Innovation Labs (FinLabs) in the last three years.
