Jameson Bank ("Jameson"), headquartered in Toronto, has licensed the Spectrum Treasury System and the Spectrum FX Reporting Portal from Financial Software Systems. Jameson will use Spectrum to manage all of its Trading and Treasury activities.
Since 1989 Jameson's Traders have been helping small and medium sized businesses mitigate the risks of volatile currency markets. Jameson proactively monitors the markets and provides timely updates and strategies to plan for contingencies, minimize costs, exploit opportunities and improve the bottom line of their clients. Jameson combines the service of a boutique with the security of a CDIC insured Schedule I Bank. With locations in Toronto, Montreal, and Ottawa, Jameson will utilize Spectrum to grow its FX business and market share throughout Canada. To speed the implementation of Spectrum, Jameson will utilize Financial Software Systems' secure hosting services.
Jameson will use Spectrum to manage its FX spot, forward, swap trading and client vostro accounts. For front-office traders, transactions captured in Spectrum are instantly reflected in Spectrum's real-time position, P&L, cash flow and currency risk blotters. In the middle-office Spectrum will provide real-time credit risk management through pre-trade and post-trade credit limit checks. Jameson will also utilize Spectrum's collateralized trading module to support clients that trade on an enhanced-credit basis. Spectrum's real-time collateralized trading module continuously calculates clients' margin requirements and will automatically prepare margin calls as needed.
Spectrum will provide significant operational efficiencies to Jameson with true straight-through-processing of all transactions in a single database. Spectrum's comprehensive back-office processing includes, confirmation and payment generation, full SWIFT and CLS compatibility, and preparation of General Ledger accounting entries. In addition to licensing the core Spectrum system, Jameson also licensed Spectrum's FX Reporting Portal, which will allow Jameson's clients to view their FX transactions, FX positions and P&L in near-real-time over the internet. Jameson's clients will also be able to retrieve and view their daily and monthly statements through the FX Reporting Portal.
Kevin J. Arbour, Chief Information Officer for Jameson stated, "Jameson Bank is committed to leveraging advanced technology to better serve its customers bringing new and innovative products to market. Spectrum's robust technology and web based services will greatly improve the bank's ability to grow its business in a cost effective manner. Jameson requires solutions that provide rich functionality which meets the bank's growth objectives without additional systems. Spectrum is well matched to our requirements and it became obvious that FSS's expertise in the FX and Capital Markets business is significant."
Ms. Kenann Kelly, New Business Development Manager for North America for Financial Software Systems, noted, "Everyone at Financial Software Systems has been extremely impressed with the client-service focus of Jameson Bank. Spectrum's many client-facing features, from multilingual confirmations and statements, to the FX Reporting Portal, are certain to allow Jameson to increase the services that it offers to its clients. Not only will Spectrum sharpen Jameson's client-focus, but as Jameson expands its business Spectrum will accommodate growth and produce significant operational efficiencies. We look forward to partnering with Jameson to help it accomplish its service and growth objectives."