provider of global treasury and capital markets solutions and services, announced today that Fifth Third Bancorp - a diversified financial services
company headquartered in Cincinnati, Ohio - is implementing The Wall Street
SystemÂ® treasury engine. The division that will be using The Wall Street System treasury engine focuses on the provision of Foreign Exchange dealing services to a diverse corporate customer base. There will be more than 30 users of the new system based at the bank's headquarters in Cincinnati, as well as remote sites in Columbus, Cleveland, Detroit, Chicago and Nashville. The project has already commenced, with implementation expected to be completed in Q3, 2004.
Sheila Spradlin, vice president and director International Banking at Fifth
Third Bank, explains: "By installing this platform from Wall Street Systems,
Fifth Third will benefit from a system which provides pricing, capturing, settling and accounting capabilities. With the integrated system, we will be able to further differentiate ourselves from the competition and continue to offer customers the products they demand".
At Fifth Third Bank, The Wall Street System treasury engine will replace several existing systems. The new fully integrated front-to-back office system from Wall Street Systems will provide the bank with the significant advantages of true straight through processing of all deals - whether made online or via the telephone - through to settlement and accounting with no manual intervention. Exception management tools are also incorporated. The system will cover multiple products, including all FX products, as well as supporting currency options and money markets.
The Wall Street System back office solution offers the benefits of cross product netting, CLS, sophisticated workflow management and a range of key
performance indicators allowing the bank to analyze workflow efficiency. The Wall Street System treasury engine incorporates powerful risk management tools, which will allow the bank to analyze, report and limit potential exposures both in terms of counterparty and market risk. In this way, potential issues can be identified before they become problems.
Michael Thrower, director of marketing, Wall Street Systems, says: "This is an important project for Wall Street Systems, as it further expands our customer base in the US, particularly in the regional bank market. There was a good fit between what was required by Fifth Third and the advanced functionality available in the Wall Street System. We believe that our technology will enable Fifth Third to drive through operational efficiencies and build on their existing customer business. This is particularly important for banks which are seeking to improve customer service whilst at the same time, reducing technology and operational costs in a climate of reducing margins."