Bank of Hawaii, headquartered in Honolulu, Hawaii, has implemented 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 ("BOH") licensed Spectrum in mid-January, 2003, and placed Spectrum into production in mid-May, 2003. In a period of 4 months, BOH and Financial Software Systems created the physical infrastructure for Spectrum, installed Spectrum, completed the business analysis of BOH's Treasury requirements, migrated data from BOH's existing systems into Spectrum, built interfaces between BOH's legacy systems and Spectrum, trained BOH personnel on the use of Spectrum, and placed Spectrum into production. BOH is using Spectrum’s front-office, middle-office, and back-office modules to achieve straight-through processing of foreign exchange and interest rate transactions. Spectrum is providing BOH with a wide array of functionality, including, risk and limit management, nostro account management, the ability to create printed and SWIFT confirmations, and the preparation of SWIFT and other payments. BOH is also using Spectrum's multi-currency Treasury sub-ledger accounting system.
To complete the implementation, Financial Software Systems built several interfaces between Spectrum and BOH’s existing systems, including:
* An interface to BOH's SWIFT provider (BESS by Logica). BOH prepares SWIFT confirmation messages and SWIFT payment messages in Spectrum and sends them to BESS for transmission over the SWIFT network.
* An interface to BOH's General Ledger system. Financial Software Systems developed a Treasury sub-ledger for BOH based on Spectrum's user-configurable chart of accounts and user-defined accounting events. Spectrum is now generating and storing all of the accounting entries resulting from BOH's trading activities in Treasury Department. Accounting entries that are exported daily from Spectrum to BOH’s general ledger system.
* An interface to BOH's DDA payment system. Financial Software Systems developed a Spectrum interface that allows BOH's clients that are engaged in foreign exchange and international financing to settle their U.S. Dollar transactions through their DDA accounts.
Spectrum's real-time limits monitoring module plays a key credit control function at BOH, enabling the Bank to closely monitor and control 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. Bank of Hawaii has implemented 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, Financial Software Systems’ Director of Marketing, stated, “On January 17 we signed a Spectrum license agreement with Bank of Hawaii. At that time, Bank of Hawaii had a target "go-live" date of mid-May. Between January and May, Financial Software Systems was able to develop, test, and deliver all Bank of Hawaii-specific programs as well as train the Bank's personnel to use Spectrum. It is a tremendous accomplishment to take a bank off of a legacy system and onto a new Treasury system -- from trade capture to general ledger accounting -- in the space of 4 months."
"Treasury system implementations are notorious for being time-consuming and expensive. In this time of tight budgets, banks can't afford drawn-out system implementation projects. We met Bank of Hawaii's aggressive implementation target date and did it exactly on budget. The outstanding results at Bank of Hawaii are the result of the straightforward and intuitive functionality of Spectrum, the expertise that has been built up at Financial Software Systems, and the excellent communication, coordination, and teamwork that was established with the staff of the bank."
Financial Software Systems is headquartered in Horsham, Pennsylvania, and provides foreign exchange and interest rate trading, risk management and back-office software to banks, fund managers, and corporations.
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