Crown Agents Bank, a UK-regulated bank focused on cross-border payments into the Global South, has introduced a multi-currency interest rate swap hedging programme using technology from ALMIS International. The bank says the programme has materially reduced its interest rate sensitivity.

The bank used Cobalt, the ALMIS treasury management system, together with ALMIS Hedge Accounting to trade interest rate swaps for the first time. It went from choosing a vendor to live hedging in about four months, and had the programme in place by the end of 2025 to hedge its structural interest rate exposure.

ALMIS was selected after a competitive process. Crown Agents Bank needed a modular product that could add swap and hedge accounting capabilities alongside its existing core banking system, which continues to support its payments and FX business, rather than replacing it. The relationship has since grown, with the bank now moving high-quality liquid fixed income assets onto Cobalt.

Aasif Sarigat, Banking Director at Crown Agents Bank, said swaps were an important step in strengthening balance sheet risk management and that ALMIS allowed the bank to hedge more effectively without replacing existing systems.

Jake Rose, Chief Commercial Officer at ALMIS International, said the project shows how banks can add specialist treasury capabilities step by step instead of overhauling everything at once.

ALMIS provides a cloud platform covering treasury management, asset and liability management, regulatory reporting and hedge accounting for more than 60 banks, building societies and financial institutions. Crown Agents Bank’s network reaches more than 120 countries and currencies and over 800 currency pairs.