Russian Commercial Bank deploys Financial Objects activebank Treasury in Cyprus

Source: Financial Objects

Financial Objects an international supplier of software solutions for the banking, wealth management and energy sectors, has today announced that Russian Commercial Bank (RCB), a member of the VTB Group, has successfully implemented activebank Treasury in Limassol, Cyprus.

In further testament to Financial Objects' rapid deployment, best practice implementations, this offshore installation project took just 21 man days to complete.

Russian Commercial Bank in Limassol has been a satisfied customer of Financial Objects for nearly twenty years, having originally deployed the ibis solution for its core banking operations in 1989. In 2000 the bank upgraded to ibis s2. Until the activebank Treasury implementation, trade capture, processing, risk management and position monitoring were carried out manually. The investment in the Financial Objects solution was predominantly driven by the need to reduce the risk of human error and save time.

The bank selected activebank Treasury to help automate and streamline its treasury process, and was impressed by the level of support and functionality provided by Financial Objects. RCB's experience with Financial Objects assured the firm of a rapid and simple implementation, along with a substantial increase in straight-through processing to further improve productivity and customer service.

activebank Treasury is currently handling all foreign exchange and money markets trading activity for RCB. The second phase of this project will see it support the bank's securities and repo trading.

Working in conjunction with ibis s2, which provides RCB with back office functionality, activebank Treasury captures trades in the front office, which are then automatically processed. Positions are immediately updated, which can then be monitored in real-time. It also enables more in-depth risk analysis and faster, more efficient reporting back to head office.

John McKee, managing director of the Banking division at Financial Objects, commented: "Russian Commercial Bank is one of our longest standing customers and an excellent example of how our solutions can be integrated to drive an organisation forward."

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