BNL Vita deploys SunGard FastVal solution for regulatory compliance

BNL Vita, an Italian banking insurance firm, has deployed SunGard’s FastVal, an independent valuation service for vanilla and over-the-counter (OTC) derivatives, to achieve ISVAP regulatory compliance.

SunGard said that FastVal 3.0 will help BNL Vita’s financial department independently value its OTC derivative portfolios and gain better transparency of its valuations.

To meet ISVAP’s Italian insurance regulations, BNL Vita required a single solution that covers all its valuation needs and provide consistent and reliable processes when valuing non-liquid instruments.

FastVal provides a customized output report to help BNL Vita consider key elements of calculations, such as credit and liquidity spread. The reporting views enable valuations to be decomposed on single derivative elements.

BNL Vita general manager Maurizio Pellicano said that FastVal solution from SunGard helps the firm in meeting the national regulatory requirements.

“Now that implementation is complete, we can rely on FastVal’s independent valuation solution to help us reduce our operational risk,” Pellicano said.