Source: Financial Objects
Financial Objects, a leading provider of software solutions for banking, wealth management and energy, has today unveiled new features and functionality within its trademark ibis s2 global banking system.
The first major enhancement is an extended ibis s2 Trade Finance suite which encompasses the full range of trade finance services, including guarantees, letters of credit, reimbursements and collections. Through collaborative work carried out with French bank VTB, the system has been significantly upgraded to provide users with the highest level of straight-through processing - dramatically reducing manual effort, while maintaining all data in real-time for maximum accuracy and efficiency.
The ibis s2 Treasury module is now a central part of the solution. By supporting the front, middle and back offices, this module enables banks to rapidly improve the quality and speed of information flowing between the departments. Data is available in real-time, round the clock, ensuring the split-second information required to support the most sophisticated financial instruments. This module provides advanced risk management and controls needed for compliance with regulations such as Basel II.
ibis s2 Document Manager now seamlessly interacts with new modules such as Trade Finance and Commercial Lending, vastly reducing paperwork. This promotes the electronic storage of key documents - such as contracts, shipping guarantees, and collateral documentation - considerably decreasing transaction times while increasing visibility across the business. This in turn will generate improved efficiencies and reduced costs.
Extensive functionality has also been added in the area of global cash management, for example, allowing advanced sweeping and pooling of accounts for interest accrual. The ibis s2 Messaging & Payments system, which adheres to SEPA guidelines, empowers banks to offer a diverse range of products to their clients, including local and international payments through cash, cheque and electronic billing.
Finally, ibis s2 now features a full two-way interface to Financial Objects' activebank Wealth Manager, a front-end portfolio management solution for private banks, asset managers and other wealth professionals. Working closely with the ibis s2 back-office Private Banking software, the combined package delivers a strong end-to-end solution to cater for the demanding requirements of today's growing number of high net-worth individuals.
Speaking about ibis s2, group development director David Carruthers said: "We have made a considerable investment in this release, which is indicative of our commitment to serving banks' needs. The new features in ibis s2 enable our customers to deal with the rapidly changing face of banking, and we will continue to enhance its functionality. Over the next two years we will extend this further, with new applications to meet specific business needs. We are also moving towards a software as a service model, which will enable ibis s2 to be delivered within a service oriented architecture (SOA)."