The Bank of Finland has selected treasury systems vendor Trema's flagship product Finance Kit to manage its foreign exchange reserves, monetary policy and customer payment operations.
Trema says Finance Kit provides straight-through processing of transactions between the front and back office and improved risk management.
The implementation will replace an existing mainframe system and several proprietary risk management applications.
The Microsoft-based software will interface to external systems including market data feeds, a credit risk management application, the bank's accounting system and the interbank Swift messaging network.
Armi Westin, head, IT department, Bank of Finland, says: "As we use the Windows 2000 and MS SQL standards, Trema's Microsoft solution fit precisely into our systems environment."
In addition, the bank will also implement the latest version of Trema's Central Bank Accounting solution (CBAM II) to comply with the European System of Central Banks' (ESCB) policies and guidelines. The upgraded system now includes support for trade date accounting.