BANK OCHRONY SRODOWISKA LICENSES FINANCIAL SOFTWARE SYSTEMS’ SPECTRUM TREASURY SYSTEM

Bank Ochrony Srodowiska ("BOS"), headquartered in Warsaw, Poland, has licensed Financial Software Systems' Spectrum Treasury System for use in its Warsaw headquarters and in its branch network. BOS will use Spectrum to manage front-office, middle-office, and back-office activities for foreign exchange trading, wholesale bank note trading, money market operations, bond and repo dealing, and interest rate hedging with interest rate swaps and other derivative instruments.

BOS offers a wide array of commercial and retail banking products and services, including credit facilities, home mortgages, commercial loans, payment services, and deposit facilities. Spectrum, which will be used by approximately 30 users within BOS, will help the bank offer a broader and more competitive commercial service in Poland, and will facilitate the offering of foreign exchange, money market, and fixed income products to retail customers. BOS anticipates that Spectrum will help the bank expand its participation in the foreign exchange market and in structuring various interest rate transactions.

Sławomir Gołębiewski, the Head of BOS’ Treasury Department, commented, "Bank Ochrony Srodowiska has chosen Spectrum based on its ability to cover all of our treasury needs. Spectrum offers us a comprehensive, integrated front-, middle-, and back-office system that limits our operational risk. In addition, it is one of the few treasury systems that we have seen that has a truly built-in risk module."

Michael Snoek, Financial Software Systems’ Director of New Business Development for Europe, the Middle East, and Africa, stated, "We are proud of the confidence that BOS has placed in Financial Software Systems’ ability to deliver a complete treasury system. This is Financial Software Systems' first contract in Poland and is part of our continued expansion into the Eastern European market. Our experience with BOS illustrates the expanding needs in the Treasury area on the part of banks in Eastern Europe. The comprehensive trade capture, risk analysis and STP facilities of Spectrum make it an ideal system solution for growing banks such as BOS."

BOS will implement Spectrum on the Microsoft Windows 2000 platform, with Microsoft’s SQL 2000 database. Financial Software Systems also offers Spectrum using a Sybase database.

Financial Software Systems is headquartered in Willow Grove, Pennsylvania, and provides foreign exchange and interest rate trading, risk management and back-office software for banks, fund managers, and corporations.

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