BankThai goes live with FNX's Sierra treasury system
26 February 2004 | 710 views | 0
FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announced today that BankThai has gone live on FNX's Sierra Treasury system.
This is part of BankThai's strategy to become the Thai leader in the financial and capital markets arena and to continually enhance its competitiveness.
BankThai is now live with FNX's Sierra Treasury system including Front Office, Back Office, and General Ledger. The system is being used to support its FX cash, money markets, and fixed income (including Thai Bonds) trading operations, as well as loans and deposits, and futures; the bank is also using a number of other FNX modules, in particular the Structured Products module for interest rate and cross currency swaps.
"The BankThai project is an excellent example of how FNX partners with institutions around the world and works with them to understand and deliver functionality that complies with local market requirements. We have also expanded our support office in Bangkok as part of our commitment to provide the best product and the best consulting services in the region", says Lucian Lauerman, executive director of Systems Integrations at FNX.
The fully integrated front-to-back office solution from Sierra Treasury provides BankThai with full straight through processing (STP) capabilities, from the trading desk to SWIFT, and to the main general ledger; this reduces trading operating time and human-related errors. The time and cost savings will allow BankThai to dedicate more of its resources to developing its treasury business and providing a superior level of service to its customers.
"After a comprehensive evaluation of several leading suppliers, we decided to choose Sierra Treasury to replace our in-house system for two reasons. First, its cross-product offering met the majority of our requirements better than the other systems we looked at. Second, FNX's local support office gave us the confidence that we will get the support and consulting services we required to implement such a solution," said Khun Chanindh Homsilpakul, Senior Executive Vice President for Technology at BankThai. "With the implementation of Sierra Treasury, we have been able to enhance our infrastructure to grow our trading operation and offer our customers the products and service they demand."
Says Lauerman, "FNX has found BankThai to be an excellent partner in this project. The dedicated project staff at BankThai provided invaluable insight, which I feel has helped FNX to become a leading solutions provider in this market. FNX's strong commitment to this market is demonstrated by the growth of our Bangkok office. We are very much looking forward to a long-lasting relationship with BankThai."