Trema, a provider of software, announced today that the Bank of Finland has chosen Trema Finance KIT to manage its foreign exchange reserves, monetary policy and customer payments. Trema Finance KIT integrates front and back offices. Bank of Finland is the Finnish central bank.
Trema says its Finance KIT will bring new functionality to Bank of Finland, upgrading the level of risk management, enabling calculations on a real-time basis, and extending advanced limit management capabilities to the Bank. The system implementation will replace the existing mainframe system and several proprietary risk management applications. The new solution is based entirely on Microsoft technology and will interface to external systems including market data feeds, a credit risk management system, the Bank’s accounting system and the SWIFT network.
Bank of Finland is the first central bank to implement the new version of Trema’s Central Bank Accounting solution (CBAM II). The first version of CBAM has provided Eurosystem central banks with the functionality required to comply with accounting policies and the guidelines of the ESCB. This has now been extended to include support for the ESCB economic approach standard for trade date accounting.
Pentti Pikkarainen, Head of Market Operations Department, Bank of Finland, comments, “We have been very impressed with the quality and extent of Trema’s experience and commitment to the central bank segment. As Trema Finance KIT is already in use at several ESCB member banks as well as other central banks in accession countries and outside of Europe, our selection of the system for the management of foreign reserves was well justified. Trema has an extensive and proven track record in delivering systems for central banks.”
Armi Westin, Head of IT Department, Bank of Finland, comments, “After an extensive and very thorough analysis phase we concluded that Trema Finance KIT met Bank of Finland’s functional and IT requirements very well and in particular, we found the quality of Trema technology to be excellent. As we use the Windows 2000 and MS SQL standards, Trema’s Microsoft solution fit precisely into our systems environment.”
Kari Mkel, Member of the Board, Trema, comments, “The selection of Trema Finance KIT by Bank of Finland adds to our growing list of central banks, debt management offices, finance ministries and state treasuries that make up Trema Government vertical. Trema is pleased to have been selected by both the Bank of Finland and the State Treasury of Finland. We believe that this opens a lot of opportunities for Trema and governmental financial institutions.”