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Back to all Financial Software Systems Inc. announcements

RAPID DISCOUNT HOUSE INSTALLS FINANCIAL SOFTWARE SYSTEMS’ SPECTRUM TREASURY SYSTEM

Rapid Discount House ("RDH") has installed Financial Software Systems’ Spectrum Treasury System in its Harare, Zimbabwe office. RDH will use Spectrum in its front-office, middle-office, and back-office to manage its trading activities in a range of interest rate instruments, from money market instruments to bonds to structured products. Spectrum will process transactions from deal-capture in RDH's front-office to confirmations, payments, and general ledger accounting in the back-office.

RDH was incorporated and registered as a Discount House in 1997. RDH's core business is the trading of money market instruments. Among other activities, RDH actively trades Treasury Bills and Negotiable Certificates of Deposits, accepts and discounts Bankers Acceptances, and serves as a primary issuer of Commercial Paper. Since its formation, RDH has developed a range of clients in Zimbabwe’s corporate and financial sectors, providing them with financing services and advice on money market matters. Spectrum will enable RDH to process trades in a paperless on-line environment.

To adopt Spectrum to certain unique aspects of the Zimbabwe money market, Financial Software Systems added a new module to manage withholding taxes on money market transactions. Financial Software Systems has also worked with RDH to modify Spectrum to accommodate the trading of commercial paper in the primary and secondary markets.

Michael Snoek, Financial Software Systems' Director of Marketing for Europe, the Middle East and Africa, stated, "We are proud to expand our client base in Africa with the installation of Spectrum for Rapid Discount House. Our success is based not only on the core functionality and versatility of Spectrum, but also on the reputation we are building as being a client-focused company that can meet clients’ needs. We are pleased to be a part of Rapid Discount House’s growth and expansion and look forward to being their strategic partner going forward."

RDH has implemented Spectrum on Windows NT servers with Microsoft’s SQL 2000 Server database. RDH 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.

Financial Software Systems is headquartered in Willow Grove, Pennsylvania, producing foreign exchange and interest rate risk management software for banks, fund managers, and corporations. Financial Software Systems supports some of the leading financial institutions around the world.