The Commercial Bank of Kuwait (CBK) is rolling out Pennsylvania-based Financial Software Systems' Spectrum treasury software at its headquarters.
CBK will use Spectrum to manage all trading activity in foreign exchange and interest rate instruments. The vendor says Spectrum will provide complete processing of all treasury transactions, ranging from deal-capture in the front-office to confirmations, payments and general ledger accounting in the back-office.
The bank has also licensed Spectrum's limits management module for credit risk management in the middle-office, and FX margin trading application.
Spectrum will be implemented on Windows 2003 servers with Microsoft's SQL 2000 database and will connect to CBK's core banking system through Microsoft Message Queuing (MSMQ) for real-time updates of international funds balances. The product will also be interfaced to the bank's general ledger and Swift provider.
Mohammed Faisali, head of business development and IT, CBK, says: "We were looking for a robust, user-friendly system that is easy to implement and support, and we feel that Spectrum best met those requirements."