London, 11 February, 2003 - Financial Objects, a leading supplier of advanced technology banking software and services, today announced that the Monetary Authority of Macau (AMCM), central bank of the Chinese Special Administrative Region of Macau, has selected component-based activebankÂ² to support its banking operations. The solution will be rolled out in AMCM's corporate headquarters and business groups across the organization in 2003.
AMCM has bought the following Financial Objects activebankÂ² modules:
accounting, treasury, risk management and payments. These modules form part
of a larger project, which also encompasses human resources and purchasing.
activebankÂ² will dramatically improve AMCM's STP rates, reducing risk and
improving efficiency and accuracy across the bank's operations. It can also
be extended easily, ensuring that technology investments made today continue
to be viable into the future. Thanks to Financial Objects' cost-effective
solution, AMCM will benefit from reduced processing costs, allowing them to
shift resources from tactical to more strategic processes.
activebankÂ² replaces the legacy system currently being used by AMCM, which
has proved difficult to maintain or extend. The legacy system is written in
Portuguese, requires considerable manual intervention, and is not fully
integrated with the rest of the bank's infrastructure.
Mr Rufino Ramos, executive director of AMCM, comments: "We needed to find a
one-stop solution for our core financial operations. Not only did the system
have to tie together our banking applications in one easy-to-use platform,
it also needed to be flexible enough to adapt to constantly evolving
requirements. After conducting an exhaustive review of vendors, we realised
that activebankÂ² offered the sophisticated, user-friendly and extensible
technology we were looking for. We are firmly committed to establishing a
long and successful partnership with Financial Objects."
Steve Thurley, director, Asia Pacific, Financial Objects, says: "We are
delighted to be working with one of China's most influential central banks.
The Monetary Authority of Macau's decision to implement activebankÂ² reflects
its position at the cutting-edge of banking technology. This is our first
step into the Chinese market, and we look forward to developing our presence
in the region."