FIRST METRO ENHANCES ITS TREASURY OPERATIONS Taps IP-Converge, Credence Analytics for Systems Upgrade

4 September 2007

First Metro Investment Corporation (FMIC), the investment banking arm of the Philippines’ largest universal bank, Metropolitan Bank & Trust Co. (Metrobank), recently tapped IP-Converge Data Center, Inc. (IPC), for the enhancement of its treasury and market risk operations.

”Upgrading to the latest technology as provided by IPC will lead to increased efficiency in our treasury transactions, in line with our mission of providing our growing clientele base with the best service possible. At the same time, these system enhancements will also facilitate preparation of the BSP regulatory reports, increase overall accuracy and significantly contribute towards our overall risk management framework,” First Metro Investment Corp. president Francisco C. Sebastian said.

The Credence iDEAL software will provide a complete automation of First Metro’s treasury operations, improving its dealing, accounting & reporting activities. Additionally, Credence RiskMark will increase the accuracy of monitoring these transactions and generating daily regulatory reports by automatically computing various risk numbers including value-at-risk (VaR).

“The solution as a whole translates to a much higher service level to our customers, better prices and lower costs.” First Metro Investment Corp. executive vice president and Treasury Group Head, Roberto Juanchito Dispo said.
IPVG Corp. Deputy Chairman Roger Stone, agrees. “In terms of day-to-day operations, our solution can provide FMIC with much better controls and greater operational efficiency, thereby freeing up human resources that can be re-deployed in more crucial business functions,” he said.

“First Metro Investment needed a solution that will not only put their mission-critical processes in place, but also provide a solution that is scalable and grow as FMIC’s volumes grow,” said Stone. “IP-Converge and Credence Analytics offer a wide range of specialized treasury, investment and risk management solutions that translate into high value propositions for clients—exactly what First Metro Investment needed,” Stone added.

“This mandate from First Metro is a validation of the preparedness of our solution to address the treasury requirements of banks and investment companies in the Philippines. We would be offering a wide range of treasury, risk and investment management solutions tailored specifically for the local market. And with our partnership with IP-Converge, we are able to provide local support to our clients,” says C.K. Guruprasad, Director, Credence Analytics who was in Manila for the contract signing.

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