RZB expects to generate significant savings once The Wall Street System treasury engine is fully implemented across the organization.
London and New York, October 8, 2002 - Wall Street Systems, Inc., a leading provider of global treasury and capital markets solutions and services, today announced that Raiffeisen Zentralbank (RZB), the central institution of the strongest banking group in Austria, has chosen The Wall Street System treasury engine to support its treasury and cash management operations enterprise-wide.
RZB, headquartered in Vienna, has branches in New York, London, Singapore and Beijing, and runs a network of 13 banks throughout Central and Eastern Europe. The bank is implementing the FX, Money Markets, FX OTC Options, Futures and Options and Interest Rate Derivatives modules for the front office across all of these locations. Additional Wall Street Systems treasury engine back office modules, including settlement, confirmation, credit and accounting functionality, will be installed at the bank's head office in Vienna.
By implementing The Wall Street System treasury engine, RZB will be able to further improve control and management of its risk portfolios across the group. RZB expects to make significant savings once the Wall Street System treasury engine has been fully implemented. The savings will be achieved through increased economies of scale, and the ability to handle an increased number of transactions - across both existing and new product ranges.
"Wall Street Systems has worked closely with RZB to demonstrate the potential return on investment an integrated, global treasury system can bring - both in terms of cost savings and increased revenue streams," says Steve Middlehurst, Chief Operating Officer, Wall Street Systems. "This project with RZB is also important because it demonstrates the successful relationships we have begun building in Austria, and across Central Europe."