Hudson United Bank, headquartered in Mahwah, New Jersey, has licensed the foreign exchange modules of Financial Software Systems' Spectrum Treasury System. Hudson United Bank will use Spectrum to manage all of its front- ffice, middle-office, and back-office activities for interbank and corporate FX dealing in the spot, forward, swap, and time option markets.
Hudson United Bank ("HUB") operates over 200 branches throughout New Jersey, Connecticut, lower New York State, and southeastern Pennsylvania. HUB offers a wide array of commercial and retail banking products, and plans to increase its product offerings in the foreign exchange area. HUB's foreign exchange business targets middle-market and small businesses in its service area. Spectrum will help HUB offer a broader and more competitive commercial service, and will facilitate the offering of foreign exchange products to retail customers. In addition to managing all of its foreign exchange contracts in Spectrum, HUB will utilize Spectrum to prepare confirmations of transactions, prepare SWIFT payments and other wire payments, and prepare general ledger accounting entries.
Leigh Ann Wolfe, Vice President of Marketing, stated, "The licensing of Spectrum to Hudson United Bank illustrates the flexible nature of Spectrum. Although Spectrum is used by some of the largest banks and brokerage companies in the world, it is also the ideal solution for smaller banks that want to provide an excellent foreign exchange service to their customers. There are currently Spectrum users managing all aspects of their foreign exchange business – from deal capture to generating general ledger accounting entries -- for over 10,000 transactions per day. Hudson United will initially be processing a fraction of that volume, but will utilize many of the same Spectrum features that our global, money center, bank clients use. We are delighted to be working with Hudson United as they grow their foreign exchange business."
HUB will implement Spectrum on Microsoft Windows 2000 servers with Microsoft’s SQL 2000 database. Financial Software Systems also offers Spectrum using a Sybase database.
Financial Software Systems is headquartered in Willow Grove, Pennsylvania, producing foreign exchange and interest rate risk management software for banks, fund managers, and corporations, providing a fully integrated treasury solution to some of the leading financial institutions around the world.