IDB Bank has licensed the Spectrum Treasury System from Financial Software Systems ("FSS") to integrate its trading activity onto a single platform. IDB Bank is the 14th largest commercial bank in the New York Area and a member of the FDIC.
The bank provides a complete range of personal and commercial banking services for both domestic and international clients. IDB Bank is a subsidiary of Israel Discount Bank, Ltd., headquartered in Tel Aviv, and one of the three largest banks in Israel.
Spectrum Treasury is a comprehensive position management solution offering complete trade lifecycle management. Spectrum Treasury supports multiple asset classes including foreign exchange, money market instruments, fixed income instruments, equities and derivatives.
Spectrum Treasury is built on Microsoft's .NET platform which facilitates transaction and position monitoring in real-time. Transactions captured in Spectrum Treasury are instantly reflected in position, P&L, cash flow and interest rate risk blotters. In the middle-office Spectrum Treasury provides real-time credit risk management through pre-trade and post-trade credit limit checks.
Mr. Louis Turano, First Vice President of IT for IDB Bank commented, "Spectrum was selected for its comprehensive functionality, its client facing web services and its experienced and knowledgeable support staff."
Ms. Kenann Kelly, New Business Development Manager for FSS commented, "FSS welcomes the opportunity to partner with IDB Bank in streamlining its operations and participating in its future business growth strategies. While IDB Bank continues to provide the highest level of service to its clients, it is FSS's mission to enable our partners' delivery of services to their clients through enhanced technology."