Multibank is the third largest Panamanian Bank, with assets of almost USD 2 billion, and a network of over 20 branches in Panama. Multibank offers credit, investment, savings and intermediation services to individuals and businesses in Panama and in twelve other countries in Central and South America.
Multibank has a significant presence in Colombia, with over 35 branches in 20 cities for its subsidiary company, Macrofinanciera. Multibank will benefit from the use of Spectrum by automating all processes in its Treasury department as well as the trading activities from its affiliated brokerage company, Multi Securities, Inc.
Spectrum is a comprehensive front-office to back-office position management and wealth management solution. Spectrum supports multiple asset classes including foreign exchange, money markets, fixed income, equities and derivatives. Transactions captured in Spectrum are instantly reflected in position, P&L, cash flow and risk management blotters. In the middle-office Spectrum Treasury provides real-time credit risk management through pre-trade and post-trade credit and/or collateral checks. Multibank will utilize Spectrum to produce SWIFT, printed and email confirmations as well as SWIFT and wire payments. General Ledger accounting entries will be produced by Spectrum's multi-currency Treasury sub-ledger, and then exported to Multibank's General Ledger system. Spectrum is built on Microsoft's .NET platform.
Mr. Gaston Peralta, Sales Manager for Latin America and the Caribbean for Financial Software Systems, commented, "Financial Software Systems is delighted to add Multibank to our growing list of Latin American clients. Last year Multibank celebrated its 20th anniversary of providing extraordinary service to the Panamanian market. In addition to its longevity, Multibank has achieved remarkable growth in the Panamanian and Latin American markets in the last few years. The introduction of Spectrum into Multibank's Treasury and International Operations will help to accelerate Multibank's growth. Financial Software Systems looks forward to partnering with Multibank and to helping Multibank implement best Treasury practices based upon our experience of over 100 successful implementations of Spectrum."