Terms of agreement were not disclosed.
1st Source has licensed the base system along with deal capture and automatic collateral assignment, the Customer Safekeeping module and the PARAGON SQL Reporting and Data Warehouse module. They also are utilizing PARAGON’s openness to interface with their internal general ledger, asset/liability management and ACH systems.
"PARAGON’s areas of particular importance to us include: portfolio accounting, customer safekeeping functionality and flexibility and data accessibility," said Thomas Flournoy, Vice President and Controller of 1st Source Corporation. "We were seeking a product that would meet our present needs and grow with us as we expand our product offerings."
"We are extremely pleased that 1st Source has joined our growing list of clients who use PARAGON not only for portfolio management and accounting, but also for other areas of their business, including customer safekeeping," said Gerald D. Clemente, Jr., Sales Manager for PARAGON and Thomson TBA TraderÃ¤. "PARAGON is an evolving system that offers true cost savings through automation of processes and broad product support. 1st Source is an institution that provides a wide range of services to its customers and we are happy to be a part of its continued growth and success."
A worldwide, industry leader for more than a decade, Thomson Financial Treasury Solutions offers a suite of front-to-back office software products which provide business solutions through improving efficiency and reducing risk for bank treasuries and capital markets groups. TFTS consists of three treasury products: PARAGON, Thomson TBA Trader and Thomson VisionÃ¤. For more information on TFTS, visit www.TFTS.com
Thomson Financial is a US$2 billion provider of e-information and integrated work solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (TSE:TOC), a leading, global e-information and solutions company with annual revenues of approximately US$6.0 billion. The Corporation’s common shares are listed on the Toronto and London stock exchanges. For more information on Thomson Financial, visit www.thomsonfinancial.com