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Signature Bank Licenses the Spectrum Treasury System Along with Spectrum Portals

Signature Bank, headquartered in New York, has licensed the Spectrum Treasury System from Financial Software Systems. The implementation will incorporate the Spectrum FX Dealing Portal, which allows banks’ clients a direct channel for trading with straight-through-processing of transaction Confirmations and Payments. Additionally, the Spectrum Bond Sales Portal will be used by investment managers at Signature Securities offices to augment investment capabilities for their clients. Signature will utilize hosting services provided by Financial Software Systems, which will provide the full functionality of Spectrum to Signature Bank as a completely hosted solution.

Signature Bank (Nasdaq: SBNY), founded in 2001, is a New York City-based full-service commercial bank with 22 private client offices located throughout the New York metropolitan area. The Bank serves the needs of privately owned business clients, their owners and senior managers. Signature Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products through its subsidiary - Signature Securities Group Corporation, a licensed broker-dealer and investment adviser. With over USD 7 billion in assets, the bank has dozens of relationship managers who work directly with the FX area of the bank to help facilitate various needs of the bank’s clients. Providing a full range of Foreign Exchange services to its clients will allow Signature Bank to be more competitive and realize revenues that would ordinarily be passed along to larger participants in the market. Clients will be able to request foreign currency payments on-line through the Spectrum FX Dealing Portal, automatically receive dealing rates, and then execute their foreign exchange business.

Mark Andersen, in charge of FX operations at Signature Bank, commented, "At Signature Bank our relationship managers conduct banking on a one-to-one basis with our clients. Their ability to offer a full array of financial services, including FX to our clients, allows Signature Bank to capture business that would ordinarily be directed elsewhere. We are happy to have licensed Spectrum, which we feel is a comprehensive and flexible FX solution that will allow us to provide the high level of FX services our clients demand."

James McKeon, Sales Director, North America, for Financial Software Systems, noted, "We are very pleased to have licensed Spectrum to Signature Bank and to be providing the bank with a turn-key, hosted solution. Signature Bank's choice of Spectrum as a comprehensive Treasury solution is further evidence that opportunities for financial institutions still exist to provide value-added, profit-making activities even when operating in an environment where IT budgets are limited."