Banco Continental BBVA ("Banco Continental"), headquartered in Lima, Peru, has licensed the Spectrum Treasury System from Financial Software Systems to manage its Treasury, Capital Markets, Private Banking, and Mutual Fund activities. Banco Continental is Peru's second largest bank, and one of the fastest growing financial service providers in South America.
Banco Continental has assets of approximately USD 11 billion, and has over 230 branches throughout Peru. The bank is about 46 percent owned by Banco Bilbao Vizcaya Argentaria ("BBVA"), headquartered in Bilbao, Spain. BBVA is one of the largest banks in the world, with assets of over USD 700 billion, and operations in over 40 countries. Banco Continental is fully integrated into BBVA's global network.
The Spectrum license for Banco Continental includes a complete range of foreign exchange, interest rate, equity and derivative instruments. All Treasury and Capital Markets transactions are instantly reflected in Spectrum's real-time position, cash flow and risk management blotters. Spectrum provides real-time pretrade and post-trade limit checks to help control a wide range of risks. Spectrum also provides true straight-through processing of all transactions in a single database. Banco Continental will utilize Spectrum's comprehensive back-office processing, including workflow management, producing printed and SWIFT transaction confirmations, electronically matching confirmations, producing SWIFT and CLS payments, and generating General Ledger accounting entries.
In addition to licensing the core Spectrum system, Banco Continental also licensed Spectrum's FX Branch Portal and the Spectrum's Web Reporting Services. With Spectrum's FX Branch Portal, Banco Continental's branches across Peru will be able to connect directly to the bank's central Treasury dealing room in Lima to buy and sell banknotes, drafts, wires and travelers cheques. Using secure communications over the internet, the Spectrum FX Branch Portal will support hundreds of bank branches and thousands of tellers. The FX Branch Portal provides a consistent, controlled, and secure framework for offering FX services through a bank's branch distribution network. Spectrum's Web Reporting Services provide real-time Transaction, P&L and Position information to the bank's clients over the internet. The Spectrum Web Reporting Service is another tool that Banco Continental will use to provide high-value-added services to its clients.
Mr. Gaston Peralta, Sales Manager for Latin America and the Caribbean for Financial Software Systems noted, "With the licensing of the Spectrum to Banco Continental BBVA, Financial Software Systems establishes once again the great value of Spectrum as a comprehensive Treasury and Private Banking system, with the ability to rapidly adapt to the changing needs of the Latin American Market. Banco Continental BBVA will continue to position itself as a market leader in the region. The choice of Spectrum supports the Bank's corporate principle: The Client as the Center of our Business Activity."