Global Bank Corporation ("Global Bank") headquartered in Panama City, Panama, has licensed the Spectrum Wealth Management System from Financial Software Systems to manage its front-office, middle-office and back-office Private Banking and Wealth Management operations.
The bank began operations in June 1994, and is currently the second largest domestic Panamanian bank. Global Bank has the second largest network of branches in Panama and has assets of over USD 3 billion.
Global Bank licensed Spectrum to support its trading activities in Fixed and Floating Rate Money Market instruments, Bonds, Floating Rate Notes, Repos and Reverse Repos, Commodities and Commodity Options. Global Bank also licensed Spectrum's Order Management System, Relationship Management Portal and Client Portal.
Spectrum is a comprehensive front-office to back-office position management and Wealth Management solution, supporting multiple asset classes including foreign exchange, money markets, fixed income, equities and derivatives. Transactions captured in Spectrum are instantly reflected in the front-office in position, P&L, cash flow and risk management blotters. In the middle-office the Spectrum Wealth Management System provides real-time credit risk management through real-time pre-trade and post-trade credit and/or collateral checks. Spectrum's middle-office also contains an integrated Value-at-Risk (VaR) module. In the back-office Spectrum provides a full range of functions, including producing multi-lingual confirmations, producing SWIFT confirmation and payment messages, and generating general ledger accounting entries. Spectrum's Microsoft .NET architecture facilitates rapid implementation and cost-effective operation.
Gaston Peralta, Vice President of Business Development for Latin America and the Caribbean for Financial Software Systems, commented, "Global Bank will be Financial Software Systems' third implementation of Spectrum in Panama.
Spectrum continues to be well received by banks across Latin America as Financial Software Systems continues to add new Spectrum clients in Mexico, Central America and South America. Global Bank will use Spectrum to expand its Wealth Management and Private Banking activities in Panama and in Central America. Licensing Spectrum's Client Portal and Relationship Management Portal allows Global Bank to utilize the internet as a very efficient and very secure distribution network for both client-facing and bank-facing Private Banking activities. Global Bank's use of Spectrum Wealth for its client investment and international operations will advance the bank's quest for client service excellence and will position the bank as a provider of the latest wealth management technology. Financial Software Systems looks forward to partnering with Global Bank to implement superior Wealth Management, Private Banking and Treasury practices."