CITIZENS BANK OF CANADA PLACES FINANCIAL SOFTWARE SYSTEMS’ SPECTRUM SYSTEM INTO PRODUCTION

Citizens Bank of Canada has implemented Financial Software Systems' Spectrum Treasury System to manage its foreign exchange and precious metals trading. Using Spectrum in its Vancouver and Calgary offices, Citizens Bank has achieved straight-through processing of trades: from entering transactions through Spectrum's front-office to producing trade confirmations, payments and general ledger accounting entries in Spectrum's back-office. Of special interest for Citizens Bank, Spectrum generates three types of payments -- cash payments, drafts, and SWIFT payments -- to accommodate Citizens' retail business.
Terry Wong, Treasury Manager for Citizens Bank, stated that, 'Spectrum's straight-through-processing capabilities allow us to serve our clients more efficiently, while Spectrum's front-office risk management tools allow us to better manage our foreign exchange and metals risk.'
Gerald Thurston, President of Financial Software Systems noted, "We are pleased to have Citizens Bank as an active user of Spectrum. Citizens Bank has a strong franchise in Canada - especially in Western Canada. With Citizens Bank as an active user of Spectrum, Financial Software Systems now has 3 large Canadian institutions utilizing Spectrum, covering all geographic sectors of Canada."
Citizens Bank has implemented Spectrum on Windows NT servers with Microsoft’s SQL Server database. Citizens Bank utilizes Windows NT clients connected over an internal network. Financial Software Systems also offers Spectrum on a Windows 2000 platform and on a UNIX platform. Spectrum users may also opt for a Sybase database for UNIX or for Windows.
Financial Software Systems is headquartered in Willow Grove, Pennsylvania, with sales and support offices in New York, Singapore, and London. Financial Software Systems produces foreign exchange and interest rate risk management software for banks, fund managers, and corporations, and supports some of the leading financial institutions around the world.
For further information, please contact Judy Cossu or Leigh Ann Wolfe in the United States at (1) 215 784 1100, Michael Snoek in London at (44) 207 709 7766, or Les Khan or Michael Wee in Singapore at (65) 8327 690.

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