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Bank Thai selects FNX's Sierra Treasury solution

Addition of prominent Thailand-based bank as a client seen as continued affirmation of FNX's role as a leading provider of technology solutions to the Asian financial community.

Philadelphia, October 21, 2002 - FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announced today that it has been selected by Bangkok-based Bank Thai to deploy its Sierra Treasury solution for use in the bank's treasury department. Bank Thai personnel will utilize Sierra Treasury for a variety of functions: trading, accounting, risk management, and general ledger processing.

FNX's Sierra Treasury product has been built with "three-way STP" as a cornerstone of its development. Three-way STP encompasses three distinctive aspects of the system's operation. The first applies to the traditional concept behind straight through processing, where a solution is able to process a transaction through its entire lifecycle. For Bank Thai, this means that Sierra Treasury will meet the full range of the treasury group's needs, from trade entry through to posting to the bank's general ledger. The second aspect of three-way STP describes the system's ability to support a variety of financial products, meaning that a client need only utilize one solution to process diverse financial instruments. The third aspect of three-way STP focuses on a client's ability to deploy Sierra Treasury across a variety of different physical locations or branches and yet view the daily operations, transactions, risk exposure, etc. for the entire organization as a unified whole.

Bank Thai's decision to utilize FNX's Treasury Blotter, a new tool that allows them to monitor and manage their positions, exposure, limits, etc. for a variety of different financial products on one screen will enhance the three-way STP capabilities of Sierra Treasury even more.

Stephen Fry, global director of sales, noted: "Bank Thai's selection of Sierra Treasury offers further endorsement by the international banking community of FNX's products and services. We are delighted to have been selected by one of Thailand's leading banks for this important project."

Farid Naib, founder and CEO of FNX Limited, commented on the acquisition of BankThai as a client: "FNX has, over the past several years, established a very strong presence across the Asian financial markets. We can only maintain the leadership position that we hold by continuing to partner with top tier financial institutions in the region, as we are doing with Bank Thai. I am very excited about working with them over the next few months as we deploy the Sierra Treasury solution throughout the bank."