After a thorough evaluation, the bank selected FNX because of its extensive experience in the Asian Market, Sierra Systemâs cross product coverage, web based order management functionality, single database architecture and its ability to provide a truly STP solution along every asset class.
Taipei Fubon Commercial Bank decided to deepen its relationship with FNX after considering FNXâs leading edge solutions, local onsite support, experienced bilingual support staff and guaranteed delivery. Taipei Fubon Commercial Bank had very tight deadlines due to the merger and was confident that FNX would complete the system integration of the two banks by the required timeline. With the implementation of Sierra Treasury the bank has consolidated the multiple systems in use at Fubon Bank on to a single system, achieving greater operational efficiencies, and reduced the maintenance and support costs.
The merged operation is using Sierra Treasury to support its FX Cash, FX and Exotic Options, Money Markets, and Fixed Income Securities trading, as well as Repos, Interest Rate Swaps, Non Standard Interest Rate products, Cross Currency Swaps, and FRAâs. Sierra Treasury also provided full STP functionality including multi-lingual confirmation generation, settlements, cross asset SWIFT confirmation and payment messages as well as accounting entries.
The bank also utilized FNXâs FirstOrder Module. The FirstOrder Module is used to provide Internet branch network capabilities and dealable real-time prices. FirstOrder functionality includes full price publishing, order management, real-time limit checking, including collateralized limits and audit trail functionality for FX Spot, Swaps, Tom/Today, Forwards, Windows and NDFs among others.
Desa Lee, FNX Director of Asia Pacific Sales commented: "The expansion of our relationship with Taipei Fubon Bank is a testament to FNXâs strengthening presence to this region. With the recent expansion of our Taipei Branch Office, our continued dedication to our existing clients and our commitment to potential clients in the region, FNX has become the vendor-of-choice for trading and risk management solutions in Asia."