Bank of Hawaii, headquartered in Honolulu, Hawaii, has licensed Financial Software Systems' Spectrum Treasury System to manage its foreign exchange and international money market activities. Bank of Hawaii is the primary subsidiary of Bank of Hawaii Corporation, a regional financial services company with branches in Hawaii, American Samoa, and the West Pacific. Bank of Hawaii provides a wide range of personal banking, business banking, investment management, and trust services to its clients, and is the largest independent financial institution in Hawaii.
Bank of Hawaii selected Spectrum based upon Spectrum's ability to effectively provide the following functions:
1. Front-office deal capture for foreign exchange and money market transactions
2. Risk management functionality
3. Limits management
4. Nostro account management
5. Printed and SWIFT confirmations
6. Preparation of SWIFT and other payments
7. A multi-currency general ledger accounting system
Apart from basic deal capture and straight-through-processing, Bank of Hawaii's needs focused on limits management, nostro account management, and general ledger accounting. Spectrum provides real-time monitoring of counterparty limits, trader limits, currency limits, and country limits. In the area of cash management, actual and forecasted nostro balances are updated in Spectrum in real-time to reflect current trading activity. Spectrum also provides a full Treasury sub-ledger, with a user-configurable chart of accounts and user-defined accounting events. Bank of Hawaii will implement Spectrum on Microsoft Windows 2000 servers with Microsoft’s SQL 2000 database. Financial Software Systems also offers Spectrum using a Sybase database.
Leigh Ann Wolfe, Director of Marketing, stated, "Financial Software Systems is pleased to add Bank of Hawaii as another client in the Pacific region. Financial Software Systems supports clients from the west coast of North America to Hong Kong, Singapore, and Australia. Bank of Hawaii will be another well-known client in the middle of the Pacific region."
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