Asian Development Bank selects ACBS to support loan ops
The Asian Development Bank (ADB) has selected Advanced Commercial Banking System (ACBS) from Fidelity Information Services to manage its lending activity.
The ACBS product used to be the flagship product of ALLTEL Information Services, but this company was recently acquired by Fidelity National Financial, a Fortune 500 company with strengths in the property and mortgage sector.
ADB will use the ACBS origination, servicing, datamart and transaction server applications to replace its current loan accounting system and manual processes.
Cuong Nguyen, principal financial control specialist at the bank, says ACBS will provide the ADB with loan administration services for its Libor-based products, which feature customised currency and interest rates.
Osaka to build new trading and clearing systems with Hitachi and Fujitsu
The Osaka Securities Exchange (OSE) has contracted with Hitachi for the development of a new trading platform and Fujitsu for a new derivatives clearing system.
The OSE says it selected Hitachi and Fujitsu to develop its new platforms based on their proposals to "develop trading and clearing methods unique to Japan's market and assure reasonable development and maintenance costs".
The clearing system is scheduled for launch in 2004 and the trading platform in 2005.
Siam Commercial Bank selects FNX for treasury operations
Siam Commercial Bank has licensed FNX's Sierra Treasury and First Order products to support its treasury operations and will roll the software out to over 100 staff.
Sierra Treasury provides trading, risk management, accounting and G/L processing functionality across a range of instruments. First Order is a browser-based order management system.
FNX says the integrated products will enhance the services the bank can offer to clients, such as the consolidation of phone and internet orders, support for margin trading, delivery of real-time market data and multiple order routing mechanisms.
State Bank of India rolls out Misys' banking and trade finance solutions
The State Bank of India has gone live with the Midas and Trade Innovation products from Misys Wholesale Banking Systems across it Singapore operations.
Misys says the products will help the bank comply with local accounting requirements and automate reporting to the Monetary Authority of Singapore.
Midas provides a centralised point for settlement, accounting and network interfacing and enables the bank to gain a complete view of its business for management information system (MIS), risk control and regulatory reporting. Trade Innovation is a trade finance package that delivers workflow management and e-commerce capabilities and includes import/export letters of credit, payments services, shipping guarantees and airway bill release.
The two products integrate to provide a consolidated view of transactions and SWIFT messaging.