Wall Street Systems says Cincinnati-based Fifth Third Bancorp has bought its treasury engine to facilitate the provision of forex services to corporate customers. Over 30 users will be based at the bank’s headquarters in Cincinnati, as well as remote sites in Columbus, Cleveland, Detroit, Chicago and Nashville. The project has already commenced, with implementation expected to be completed in the third quarter of this year.
“By installing this platform from Wall Street Systems, Fifth Third will benefit from a system which provides pricing, capturing, settling and accounting capabilities,” says Sheila Spradlin, vice president and director International Banking at Fifth Third Bank. “With the integrated system, we will be able to further differentiate ourselves from the competition and continue to offer customers the products they demand”.
At Fifth Third Bank, The Wall Street System treasury engine will replace several existing systems, providing the bank with straight through processing of both online and telephone deals, from trade to settlement and accounting. Exception management tools are also incorporated. The system will cover multiple products, including all FX products, as well as supporting currency options and money markets.
Wall Street Systems says its back office tools offer cross product netting, access to CLS, workflow management and performance indicators, plus counterparty and market risk management applications.
“This is an important project for Wall Street Systems, as it further expands our customer base in the US, particularly in the regional bank market,” says Michael Thrower, director of marketing, Wall Street Systems. “There was a good fit between what was required by Fifth Third and the advanced functionality available in the Wall Street System. We believe that our technology will enable Fifth Third to drive through operational efficiencies and build on their existing customer business. This is particularly important for banks which are seeking to improve customer service whilst at the same time, reducing technology and operational costs in a climate of reducing margins.”