Forex Bank Rolls Out IT2 TMS

Forex Bank, a full service retail bank, has selected the IT2 Treasury Management Solution (TMS). The objective of the project is to improve cash visibility and utilisation, increasing the competitiveness of the bank’s core operations and fulfilling specific compliance objectives.

As well as foreign exchange (FX) services, Forex Bank provides payroll accounts, savings accounts, postal and giro payments, internet banking, credit and debit cards and small loans services. The IT2 TMS will interface with the bank’s new core banking system and centralise its dealing activity in support of both retail FX and funding. Managing the integration is consultant OpusCapita, in close partnership with IT2 Treasury Solutions.

“Forex Bank is exceptionally competitive, both as a FX provider and a retail bank,” said Alan White, Forex Bank’s head of trading and treasury. “We are a cash-rich business, investing in securing better returns and on cutting trade and counterparty risk exposure. The visibility we’re securing with the IT2 system is also about measuring and further boosting our resilience and regulatory capital in the run up to Basel III: we’ve already taken our Tier I Capital Adequacy ratio from 1.16 to 1.30 in the space of a year. We will also be further improving the reliability and ease of reporting to the Swedish financial regulator, the Finansinspektionen.”


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