* Trema's Finance KIT to integrate front, middle and back office functions at Central Bank of Trinidad and Tobago.
* Trema pioneers a unique approach for remote clients, lowering costs by efficiently configuring the system off site.
* Trema proves its strength in the central banking space, signing 12th central bank globally.
Atlanta, 14th October 2004 - Trema, the premier provider of strategic software solutions for the financial industry, today announced that the Central Bank of Trinidad and Tobago (CBTT) in Port of Spain has selected the Trema solution, Finance KIT, to support its foreign reserve management operations and key business activity associated with other central banking functions.
CBTT currently manages in excess of US$2.7 billion in foreign exchange reserves, and recently concluded a review of its portfolio management processes with assistance from the World Bank. Arising from the review of operational requirements, CBTT sought a solution that could automate the entire front to back office function, thus reducing operational risk and facilitating straight-through-processing (STP), and one that could readily provide performance and risk measures relative to benchmark, with facilities to monitor compliance with investment guidelines.
Trema's solution, chosen after a comprehensive tendering process, will enable CBTT to view real-time trade information throughout the trade lifecycle. Alongside reserve management, the solution will support other key operations that include some aspects of monetary policy, and correspondent and payment services.
Debbie Williams, Group Vice President, Capital Markets and Risk Management for Financial Insights, an IDC Company, which provides research services to users and providers of financial industry technology, comments, "The extension of packaged software to include a broader spectrum of functionality makes best practice treasury management more accessible than ever. Consolidated platforms reduce the pressure on integration, the expense of implementations and losses due to errors. This means that smaller banks can enjoy the benefits of automating their front to back office functions."
Kari Mäkelä, Head of Government Institutions for Trema, adds, "We are delighted that CBTT has chosen Trema as its solution provider. Our global commitment to the central banking community coupled with our preconfigured solutions, is proof that Finance KIT is a unique solution, flexible enough to automate the requirements of central banks globally. Trema is currently the leading solution provider for central banks in the Eurozone, supporting 80% of its foreign reserves through Finance KIT."