Kingdom Botswana, the investment banking arm of Zimbabwe's Kingdom Financial Holdings, has licensed Financial Software Systems' treasury application Spectrum to manage its foreign exchange and interest rate trading activity.
Kingdom Botswana is implementing Spectrum on Windows 2000 servers with Microsoft's SQL 2000 database at its new banking centre in Gabarone, Botswana.
The bank will use the end-to-end package to process treasury transactions, from deal-capture in the front-office to confirmations, payments and general ledger accounting in the back-office. Kingdom has also licensed Spectrum's limits management functionality for its middle-office risk management operations.
Irene Chamney, managing director, Kingdom, says Spectrum was chosen over four other treasury applications: "Kingdom Botswana was seeking a treasury system that would not only meet our immediate needs, but one that would grow with us in the future."
Pennsylvania-based Financial Software Systems says it hopes that the license agreement will lead to new opportunities on the African continent.