African Banking Corporation (ABC) has chosen Pennsylvania-based Financial Software Systems' Spectrum system to manage its foreign exchange and derivatives trading businesses.
ABC has installed Spectrum in its Gabarone, Botswana, and Lusaka, Zambia, trading centres to process treasury transactions from deal-capture in the front-office to confirmations, payments, and general ledger accounting in the back-office.
The Botswana operations will carry out traditional banking services such as deposit taking and lending, and will also provide group administration and financing services for ABC's subsidiaries and non-bank operations in Africa. In Zambia, ABC plans to create debt-linked investment products, as well as treasury and corporate debt instruments, and plans to participate in the structuring and financing of Zambia's privatisation efforts.
The Spectrum treasury system has been deployed on Windows NT servers with Microsoft’s SQL Server database.