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Back to all Financial Software Systems Inc. announcements

AFRICAN BANKING CORPORATION INSTALLS FINANCIAL SOFTWARE SYSTEMS’ SPECTRUM TREASURY SYSTEM IN GABARONE AND LUSAKA

African Banking Corporation ("ABC") has installed Financial Software Systems’ Spectrum Treasury System in their Gabarone, Botswana, and Lusaka, Zambia, trading centers.ABC will use Spectrum in its front-middle-,and back-offices to manage all trading activity associated with foreign exchange, derivatives, and a variety of interest rate instruments.Spectrum will process Treasury transactions from deal-capture in the front-office to confirmations, payments, and general ledger accounting in the back-office.

ABC is one of the leading banks in southern Africa and was the first institution certified to operate in Botswana's International Financial Services Centre.The Botswana operations will carry out traditional banking services such as deposit taking and lending, and will also provide group administration and financing services for ABC's subsidiaries and non-bank operations in Africa. In Zambia, ABC plans to create debt-linked investment products, as well as treasury and corporate debt instruments, and plans to participate in the structuring and financing of Zambia's privatization efforts. Besides the headquarters in Botswana and the banking subsidiary in Zambia, the ABC group has operations in Mozambique,Malawi,Tanzania,and Zimbabwe.

Gerald Thurston, president of Financial Software Systems, stated,"We are pleased to be an integral part of ABC’s growth and expansion.We look forward to being a strategic partner and are confident that we will be able to help ABC execute its global business strategy.Financial Software Systems now has multiple clients and installations in Africa, and we look forward to expanding our client base with additional financial institutions in Africa."

ABC has implemented Spectrum on Windows NT servers with Microsoft’s SQL Server database. ABC utilizes Windows NT clients connected over an internal network. Financial Software Systems also offers Spectrum on a Windows 2000 platform and on a UNIX platform. Spectrum users may also opt for a Sybase database for UNIX or for Windows.