The Bank of Finland has chosen the central bank version of Trema’s Finance KIT to manage its foreign exchange reserves, monetary policy and customer payments. Bank of Finland is a member of the European System of Central Banks (ESCB) and the Eurosystem, and is responsible for the preparation and execution of monetary policy in Finland. Based in Helsinki, the Bank maintains the Finnish currency supply and also holds and manages the foreign currency reserves. 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 will be among the first central banks to implement the new version of Trema’s Central Bank Accounting solution (CBAM II), which includes support for the ESCB economic approach standard for trade date accounting.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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