OKO Bank, the central bank for Finland’s co-operative banks, has gone live with Misys International Banking Systems’ Opics solution to support its head office treasury operations in Helsinki.
Opics replaces the Mpct-supplied Atlas system previously used, and includes applications to process the bank's trades in foreign exchange, call & notice, deposits & loans, FRAs and IRS, as well as the management of nostro/vostro accounts and nostro reconciliation.
The development also included a range of interfaces to integrate Opics with a number of in-house and third-party applications, such as the bank’s general ledger, regulatory reporting, data distribution and the interbank Swift messaging network. Development of interfaces from the bank's Kondor+ front office application is currently in the pipeline.
The second phase of system implementation, covering applications to handle the bank's trades in derivative instruments such as OTC and exchange-traded options and financial futures, is scheduled to be completed in spring 2002, following Finland's changeover to the euro.
Ville-Pekka Veijola, senior vice president, treasury & capital market operations at OKO Bank, says: "As the European Union’s primary bank in Finland, it was essential that our treasury solution could support the introduction of the euro as the country’s base currency. An added advantage is that Opics provides comprehensive coverage of all the treasury instruments traded by the bank and will enable us to make substantial progress towards straight-through processing."