Financial Software Systems ("FSS") has experienced solid growth in Latin America in 2012, adding three new clients and three "go-lives" this year. So far this year Financial Software Systems has expanded its Latin American presence in three countries, completing new licenses for its Spectrum Treasury System in Mexico for Banco Invex, for the Spectrum Wealth System in Panama for Global Bank, and for the SIAR (Sistema Integral de Analisis y Riesgo) Risk Management System in Costa Rica for Instituto Costarricense de Electricidad ("ICE").
In 2012 the Spectrum Treasury System has "gone-live" at Banca Mifel in Mexico, introducing support for a wide range of financial instruments specific to the Mexican market. As a result of the implementation of Spectrum at Banca Mifel, Spectrum now fully supports Cetes, Pagares, Cedes, Bonos Bancarios, MBonos and Udibonos among other Mexican financial instruments. In Panama Multibank has placed the Spectrum Treasury System into production for money market instruments, call money, FX spot-forward-swap contracts and for exchange traded futures contracts. Multibank's implementation includes SWIFT messaging and an interface to the Superintendant of Banks in Panama for required regulatory reporting. In Mexico Punto Casa de Bolsa placed SIAR into production.
Financial Software Systems expects the adoption of Spectrum across Latin America to continue in coming years. Spanish language and Portuguese language versions Spectrum have been produced, with the Spanish language version having been placed into production. Spectrum provides comprehensive front-office to back-office position management, supporting multiple asset classes including foreign exchange, money markets, fixed income, equities and derivatives. Spectrum also provides industry leading client-facing services for liquidity distribution and wealth management applications.
Gerald Thurston, President of Financial Software Systems, commented, “Our commitment to Latin America is a very important component of our overall company strategy. As the Latin American market continues to grow and mature and become more integrated into the global economy, Financial Software Systems is accelerating its investments in Latin America. Our purchase last year of the Mexican company Tecnología Asesoría Sistemas S.A. de C.V. ("TAS") has provided a sales, development and implementation hub in Mexico City to support all of Latin America. The integration of Financial Software Systems and TAS is largely complete, with TAS Professional Services resources now working actively to support Spectrum clients across Latin America, and TAS engineers developing Spectrum functionality to meet our Latin American clients' needs. The growth of Latin American economies provides opportunities not only for our core Spectrum Treasury System, but also for Financial Software Systems' Wealth Management and e-commerce systems. Financial Software Systems has the Spanish and English language software, plus a strong implementation and support staff of native Spanish speakers, to continue to have success in the Latin American market."