Trema says the Central Bank of Trinidad and Tobago (CBTT) in Port of Spain has selected its Finance KIT application to support its foreign reserve management operations and other central banking functions.
CBTT currently manages in excess of US$2.7 billion in foreign exchange reserves, and recently concluded a review of its portfolio management processes with assistance from the World Bank. Arising from the review of operational requirements, CBTT sought a solution that could automate the entire front to back office function, thus reducing operational risk and facilitating straight-through-processing (STP), and one that could provide performance and risk measures relative to benchmarks, with facilities to monitor compliance with investment guidelines.
Trema’s solution, chosen after a comprehensive tendering process, should enable CBTT to view real-time trade information throughout the trade lifecycle. Alongside reserve management, the system will support other key operations that include some aspects of monetary policy, and correspondent and payment services.
“The extension of packaged software to include a broader spectrum of functionality makes best practice treasury management more accessible than ever,” says Debbie Williams, Group Vice President, Capital Markets and Risk Management for Financial Insights, an IDC Company which provides research services to users and providers of financial industry technology. “Consolidated platforms reduce the pressure on integration, the expense of implementations and losses due to errors. This means that smaller banks can enjoy the benefits of automating their front to back office functions.”
Kari Mkel, Head of Government Institutions for Trema, adds that “our global commitment to the central banking community coupled with our preconfigured solutions, is proof that Finance KIT is a unique solution, flexible enough to automate the requirements of central banks globally. Trema is currently the leading solution provider for central banks in the Eurozone, supporting 80% of its foreign reserves through Finance KIT.”