Secured Overnight Financing Rate (SOFR) implementation

10xDS developed a solution for SOFR implementation for one of the leading Banks in Bahrain. The implementation was as per the compliance requirement to replace LIBOR with SOFR and was successfully done with integration to Core Banking. The implementation would help the business to do the deal calculations based on SOFR outside the Core Banking. Emerging technologies like RPA and Microsoft Power Apps were used to achieve the business objectives by leveraging existing RPA and Microsoft infrastructure. When in production, the solution is capable of working without any human intervention. A user interface was developed as part of the scope which provides deal calculation details and data insights to the business user with features for multiple configurations. The application’s availability in Microsoft Teams environment reduces the need of change management while keeping the security and governance under the existing M365 environment.