Bank of Oklahoma (“BOk”), headquartered in Tulsa has licensed the Spectrum Treasury System from Financial Software Systems. Spectrum will support all of BOk’s Treasury dealings in FX Spot, Forward and Swap contracts, and OTC FX Options. Additionally, Spectrum will be used to support the bank’s growing Interest Rate Derivatives business, with support for Interest Rate Swaps, Caps- Floors-Collars and Swaptions. The Spectrum implementation will include a sophisticated internet portal for FX Dealing which will allow BOk's clients to have an internet channel for FX trading and FX payments with straight-through-processing for BOk's back-office staff.
Bank of Oklahoma is part of BOK Financial Corporation. With assets of approximately USD 23 billion, BOK Financial Corporation is a regional financial services company operating in Oklahoma, New Mexico, Arizona, Arkansas, Texas, Colorado, Kansas, Missouri and Utah. BOk offers a broad range of financial products and services to middle-market and small businesses, to financial institutions and to retail clients. BOk's vision is to provide sophisticated, nationally competitive products with personal, responsive client service. Licensing Spectrum is an ideal fit for BOk's strategy. With the implementation of Spectrum, BOk will be able to offer a world-class range of FX and Interest Rate products and will offer a convenient trading platform through the Spectrum internet portal.
By licensing Spectrum, BOk will be able to manage all of its clients’ requirements in a highly automated manner. Clients will be able to request FX payments on-line through the Spectrum Portal, automatically receive dealing rates and then execute their FX business. All of the transactions executed through the Portal are done in a completely secure environment with multiple levels of authorization. The transactions flow directly into the Spectrum Treasury System where the front-office and middle-office modules allow for real-time Limits and Risk Management and the back-office modules prepare Confirmations, Payments and General Ledger accounting entries. The implementation of Spectrum along with the Spectrum Dealing Portal will allow BOk to achieve significant cost savings and
operational efficiencies in the execution of its Treasury activities.
Randy Ingargiola, Vice President of BOk’s Financial Risk Management division commented, "We are very pleased to have licensed Spectrum, which we feel is a comprehensive FX and IRD solution that will allow us to provide the highest level of services our clients demand. Once Spectrum is up and running we will have the capability and capacity to significantly expand BOk's Treasury operations. We are especially pleased with the Spectrum Portal as we feel that it most closely aligns with the way our customers think and want to do business. We look forward to a long and productive partnership with Financial Software Systems."
James McKeon, North American Sales Director for Financial Software Systems noted, "We are very pleased to have licensed Spectrum to BOk. The bank's choice of Spectrum as a comprehensive Treasury solution is evidence that opportunities for financial institutions still exist to provide value-added, profit-making activities even in an environment where IT budgets are limited. As a growing and expanding bank, BOk saw the need and the advantage of offering sophisticated Treasury services on a single, straight-through platform, including a userfriendly internet portal. We look forward to helping BOk expand its Treasury business."
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