Cosmos Bank taps Ares for FX tech

Source: Cosmos Bank

Ares International Corp. recently signed another contract with major Taiwanese bank Cosmos Bank to introduce Ares foreign exchange modules, with the system to go live before the third quarter of next year.

Cosmos Bank successfully adopted the deposit and remittance/exchange modules of Ares AFEIS (Advanced Foreign Exchange Integrated System) in the third quarter of last year. As such, Cosmos has decided to entrust Ares to implement more complete and varied foreign exchange functions.

Ares plans to introduce clearance and OBU information systems for Cosmos in two phases. During the first phase, Ares will introduce OBU bond system, inter-bank foreign exchange system, capital process system, exchange rate quotation system, foreign exchange and pre-payment/sales systems. The second phase will consist of foreign currency loan and guarantee system, export system, import system and write-off system.

When the system goes live, the clearance department of Cosmos Bank can integrate the system with its front-end system to avoid manual errors. Meanwhile, Cosmos Bank OBU can benefit from the computer quotation function, becoming more competitive and flexible in foreign exchange business.

Built on an object-oriented design concept, AFEIS can be applied on various platforms, is stable and flexible. No longer can AFEIS be integrated with existing banking systems, but can be part of future system interface of the bank. Moreover, the system can be connected to SWIFT system. With strong scalability, banks can readily choose from AFEIS module basing on their individual needs.

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