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Exidio Oy joins TWIST

JANUARY 29, 2002 – ESPOO Exidio Oy announced today that it has joined the TWIST (Treasury Workstation Integration Standards Team) multi-company working group .

Exidio is enthusiastic about the Twist initiative as Mr. Hämäläinen CEO, Exidio Ltd.said: "In my opinion TWIST is one of the most significant industry initiatives today. It shares our vision of seamless and easy to use interoperability between the different systems treasuries have to use today. Real straight through processing can't be achieved without integrating all the pieces together and we are fully committed to support TWIST as an industry standard".

Mr. Timo Hämäläinen continues: "After having served several years as a Treasury Manager I have seen the real pain the treasury of a large corporation is experiencing. The Treasury Management Systems (TMS) and Cash Management Systems (CMS) do their job well, but they are mainly focused to serve the needs of central treasuries and not to support the whole end-to-end process between subsidiaries, central treasury and external service providers. They still rely on archaic methods for communication between subsidiaries and their central treasury, which takes a lot of time and effort, not to mention how error prone they are. We had to make that easier and more reliable. Trezone is the first service solution for the corporate treasuries to solve the bottlenecks in the treasury processes, providing comprehensive communication and processing tools between the internal treasury clients and the treasury centers. It does so by focusing on the whole process, from the needs of internal clients to the treasury centers and finally to external service providers like banks and multi-bank portals, providing real straight through processing capability for the treasury operations - end-to-end ".

TWIST is a working group of 19 companies formed and led by the treasury operations department of the Royal Dutch/Shell Group and is focused on creating standards to facilitate an efficient, controlled and open dealing marketplace for foreign exchange (FX) and other cash market instruments. TWIST is a coalition that brings together representatives from corporate treasury departments, large banks, leading providers of treasury workstation solutions and exchange trading platforms.

Tom Buschman, Treasury Centre Development Manager for Shell Treasury Centre and co-ordinator of the TWIST group, said, "We are delighted to have Exidio joining the working group to contribute to the further rapid development of TWIST standards. This move reinforces TWIST’s drive towards designing workflows, message elements, protocols and controls which allow banks, corporations and funds to rapidly achieve both pre-trade and post-trade Straight Through Processing of their financial transactions, both between organisations and within these organisations."

TWIST is working with the FpML FX Products Working Group to facilitate STP by effective integration of treasury systems with FX trading platforms. TWIST issued the first version of the treasury system interface
standard in May of 2001 and the second version of an open standard interface in September of 2001. TWIST is also working with S.W.I.F.T., the international banking messaging and network co-operative, enabling it to extend its messaging from the banking environment to the buy-side. TWIST received the "Technological Development of the Year" Risk Award 2002 from Risk Magazine for its work in creating standards for straight-through processing (STP) for financial instruments.