East West Banking Corporation ("East West Bank") in the Philippines has licensed Financial SoftwareSystems’ Spectrum Treasury Back-Office System to complement its licensing of the Bloomberg front-officeTrade Order Management System ("TOMS"). Financial Software Systems will tightly integrate Spectrum withTOMS to provide highly efficient straight-through-processing for all of East West Bank's Treasurytransactions.
East West Bank, headquartered in Makati City in Metro Manila, received its commercial banking license inJuly 1994, and began operations in August 1994. Since its founding, East West Bank has gained areputation as an innovator in online banking, and has grown to encompass over 70 branches in thePhilippines. East West Bank provides its clients a broad array of personal, corporate and wealthmanagement banking services.
To facilitate the growth of its international Treasury business, East West Bank licensed the Bloomberg TOMSsystem, which provides comprehensive front-office position management and electronic ticketing. TOMS willprovide East West Bank with real-time position keeping in the front-office, as-well-as profit and loss and riskexposure calculations. Bloomberg is the largest financial news and data company in the world, and providesa number of financial analytic and trading tools, including TOMS. Bloomberg also encompasses a globalnews service, television and radio stations, and printed and internet publications. Bloomberg isheadquartered in New York, with offices in over 100 cities around the world.
Financial Software Systems and Bloomberg jointly marketed the Spectrum-TOMS solution to East WestBank. The Spectrum-TOMS solution is tightly coupled so that transactions that are priced and executed inTOMS immediately and seamlessly flow into the Spectrum Back-Office System. The Spectrum Back-OfficeSystem will serve as the official "books and records" for East West Bank, and will generate Confirmations,Payments and the General Ledger Accounting entries. Michael Wee, General Manager - Asia Pacific forFinancial Software Systems, commented, "We are very pleased to have partnered with Bloomberg to providea best-of-breed solution to East West Bank. The Spectrum-TOMS solution provides East West Bank with anindustry-leading STP front-office-to-back-office solution, and we are pleased to see East West Bank endorsethe partnership between Financial Software Systems and Bloomberg. East West Bank has acquired asolution that can support a broad range of interest rate, foreign exchange and derivative products, withpricing, full analytics and deal capture in TOMS, and complete back-office processing in Spectrum all theway through to the General Ledger. At the end of the back-office processing, Spectrum will produce dualcurrency accounting entries in both U.S. Dollars and Philippine Pesos, which is an important requirement inthe Treasury market in the Philippines. With the Spectrum-TOMS solution in place, East West Bank will beable to significantly expand its Treasury operations."
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