ION Treasury

Bulgarian National Bank chooses Trema to meet EU treasury standards

· The Trema Suite continues to set the standard for European and global banking via Trema’s dedicated government finance unit

6 December 2005 – Bulgarian National Bank, Bulgaria’s Central Bank, has strengthened its accession strategy through the implementation of The Trema Suite as its new treasury management system covering Front-, Middle- and Back Office for their reserve management operations. Selecting Trema ensures the bank is well ahead of the 1 January 2007 deadline for compliance with the revised Eurosystem standards and the country’s integration into the European Union.

As one of a number of new government contracts this year, the deal is testament to Trema’s commitment to providing world-class solutions for government financial institutions and brings the total number of customers in the sector to 31. Trema is the only vendor in the space with a development unit dedicated to central banking, and its customers already include the European Central Bank and the central banking organisations of Belgium, Finland, France, Germany, Greece, Morocco, Poland, Portugal, Spain, Thailand and Uganda as well as many others.

Trema continually demonstrates its understanding of local needs through the use of local resources. In this case, Global Consulting, a local system integrator, is involved in the implementation project with Bulgarian National Bank.

The bank will also benefit from the continuing development of Trema’s Central Bank offering driven forward by the Central Bank Trema User Forum. This group of Trema central banking customers actively meets, assists and discusses financial issues facing government financial institutions.

"As an accession country, ensuring our financial processes were efficient and standardised was vital," said Tsvetan Manchev, Deputy Governor at Bulgarian National Bank. "We are now running world-class financial systems and are not only on schedule to meet Eurosystem standards by 2007, but are setting an example for other countries to follow."

"The choice of The Trema Suite means Bulgarian National Bank has now adopted the industry-standard platform on which next-generation monetary policy can be introduced," said Terry Beadle, regional vice president and general manager at Trema. "Accession countries must be focused on ensuring their financial processes are in line with the 2007 deadline and, through our extensive experience with the global central banking community, we are ensuring Bulgarian National Bank is running on the most powerful financial technology."

He added: "Our experience in providing class-leading solutions to governments, combined with our ongoing development of the Central Bank offering, means Bulgarian National Bank is now firmly focused on the future of the country’s economy."