FINANCIAL SOFTWARE SYSTEMS INSTALLS THE SPECTRUM TREASURY SYSTEM FOR TFI LIMITED IN NICOSIA, CYPRUS

Financial Software Systems has installed its Spectrum Treasury System in TFI Limited's Nicosia, Cyprus offices. TFI's main business is financing trade-related transactions in Central and Eastern Europe, the Middle East, Greece, and Cyprus. TFI will utilize the full range of Spectrum functionality for managing its foreign exchange and interest rate exposures - from front-office deal capture to generating general ledger accounting entries in the back-office.

TFI works with exporters, importers, and their banks to originate, structure, and finance international trade activities. TFI finances international trade by purchasing/discounting, without recourse, trade receivables evidenced by Promissory Notes, Bills of Exchange and Letters of Credit. These transferable financial instruments are then traded with international banks and financial institutions. In addition to trade finance instruments, TFI also trades Bonds, Floating Rate Notes, and Transferable Loans. All of these financial instruments will be managed by TFI in the Spectrum Treasury System.

TFI has installed Spectrum on a Windows NT platform utilizing Microsoft's SQL 2000 database server. Spectrum also runs on UNIX and Windows 2000 platforms. TFI has connected Spectrum to the Reuters Dealing System for the electronic capture of foreign exchange and money market transactions. TFI also electronically imports market rates into Spectrum for revaluing its positions.
Michael Snoek, Financial Software Systems’ Director of New Business Development for Europe, the Middle East, and Africa said, "We are pleased to have TFI Limited as another client in the Mediterranean region. TFI's need for a Treasury System that integrates foreign exchange and interest rate instruments across front-office, middle-office, and back-office functions is a perfect fit for Spectrum. Spectrum will produce TFI's daily P&L, illustrate its cashflows, monitor counterparty risks, and help process trades through to the general ledger."

Financial Software Systems is headquartered in Willow Grove, Pennsylvania, and produces foreign exchange and interest rate risk management software for banks, fund managers, and corporations. Financial Software Systems supports some of the leading financial institutions around the world. Financial Software Systems recently collaborated with Cognotec Limited to produce a fully automated internet-based FX margin trading system.

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