Landmark win in Russia opens up new market for Trema and underlines its dominance of government finance
10 April 2006 – Central Bank of Russia has chosen TremaSuite™ to manage its fast-growing cash reserves, reinforcing Trema’s position as the global supplier of choice for government banking organisations.
TremaSuite™ will deliver a number of key technological advantages to the Bank, including improved functional support, an integrated business process infrastructure and reduced operational risk. The system will initially be rolled out to 30 users in the Bank’s Reserve Management department.
Central Bank of Russia needed a technically-advanced system that would not only handle its vast foreign currency reserves efficiently, but would extend to keep pace with changes to business processes including monetary policy, foreign exchange policy and service operations.
“The TremaSuite™ will enable us to efficiently manage and support our fast-growing reserves by delivering an infrastructure that supports integration between business processes, system functions and departments, and also reduces the operational risks within our current system architecture,” said Central Bank of Russia’s Vice Governor Korichenko.
With over US$200 billion in its reserves, Central Bank of Russia marks Trema’s first deal in the Russian market. As part of its strategy for growth in the region, the treasury management leader has appointed CMA and e-Stock – which worked on the agreement with Central Bank of Russia – as partners.
"This is an important milestone for Trema, and we are delighted to sign Central Bank of Russia as our first customer in the region,” said Terry Beadle, Executive Vice President, Government and Global Markets at Trema. “Together with our local partners we will ensure that our solution continually meets Russian regulatory requirements and financial market environments.”
Central Bank of Russia joins Trema’s prestigious customer list in the sector, including European Central Bank, Bank of Thailand, South African Reserve Bank and Banque de France.
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