Philadelphia, June 12, 2006- FNX SOLUTIONS (FNX), a leading provider of next generation technology solutions for treasury and capital markets, announced today that the United Nations Federal Credit Union (UNFCU) selected FNX’s web-based Sierra ASP solution to support its STP cross asset trading operation.
Sierra’s breadth of product coverage and depth of functionality will provide the United Nations Federal Credit Union with a user friendly deal input, robust audit capabilities, and flexible, user friendly reporting for a wide variety of asset classes. Sierra ASP’s back-office capabilities will improve the efficiency and productivity of the operational staff at the UN by allowing seamless processing of transaction lifecycle events and post sub-ledger accounts.
The selection of FNX’s Sierra ASP was made based on its extensive functionality and the flexibility of its offering to expand in the future as business and market needs change. Farid Naib, FNX's CEO and Founder stated, "We are very pleased to provide a Solution for UNFCU. By implementing the Sierra System, UNFCU will be able to expand their investment portfolio into many currencies, accomplish STP from trade entry through to general ledger, and will receive more accurate and timely information to assess risk. The ASP model was an attractive deployment option because it provided investment bank quality functionality at an affordable flat monthly rate."