New York, February 12, 2001: FNX Ltd. ("FNX"), a leading provider of trading desk, straight-through processing, Internet management and distribution solutions to the global capital markets, today announced that TAIPEIBANK Co. Ltd., has chosen Sierra Treasury for it’s global operations.
The Bank, headquartered in Taipei (Taiwan R.O.C), will be using FNX’s Sierra Treasury product for seamless front-, middle-, and back-office functionality. The installation will support a wide range of cross-product functionality, including FX Cash, Money Markets, and Fixed Income Securities, as well as Repo, FX Options, Interest Rate and Cross Currency Swaps, and FRAs. Additionally, the Bank will make use of Sierra’s web based technology, rolling out full access to Sierra Treasury to its branches through standard web browsers.
"FNX's extensive cross-product coverage and Web-enabled STP functionality were key factors in Taipei Bank's selection of Sierra Treasury," comments Jeson Liu, Treasury Senior Vice-President." As we had such broad functionality requirements, the system selection process was quite extensive. We are planning on growing our derivatives and Structured Products business significantly, thus we needed a proven, cross product solution. Additionally, FNX’s Internet strategy reflected the Bank’s plans to launch products over the Internet and provides a single, seamless system for all its products and processes." The Sierra Treasury solution fulfilled the Bank’s requirement for web-enabled straight through processing, and the ability to support both high volume simple products and low volume complex products.
Steven Sng, Senior Director FNX Asia Sales & Marketing commented "During the last eighteen months FNX has been very successful in winning some of the largest institutions world-wide. The requirements set by Taipei Bank were slightly different from the global implementations we have been tasked with recently yet equally demanding and we are very pleased to have such a prominent national bank as a client".
Quote from Mr. Jessie Ding, President, TAIPEIBANK Ltd "It was vitally important that the bank selected the right supplier, the Sierra concept best reflected both the current needs and our future strategy. Our requirement was for a proven single system for all products, providing STP and capable of supporting high volume simple products as well as low volume complex ones. FNX’s Sierra Treasury meets our present as well as future requirements."