Commerce Bank, a US bank headquartered in Kansas City and St Louis, has selected Spectrum from Financial Software Systems to manage its foreign exchange (FX) trading activities. Commerce Bank has over US$20bn in assets and provides a diversified line of financial services through its affiliated companies, including business and personal banking, investments, wealth management and financial planning.
Spectrum is a front- to back-office position management and wealth management solution. It supports multiple asset classes including FX, money markets, fixed income, equities and derivatives. Commerce Bank will use Spectrum to manage all aspects of its FX operations, including the trading of FX spot-forward-swap and time option contracts, FX over-the-counter (OTC) option contracts and foreign currency bank notes.
In addition to licensing the core Spectrum system, Commerce Bank also licensed the Spectrum FX Client Portal, an internet banking portal that provides a direct bank-to-customer channel for FX transaction execution and management. The portal will allow the bank’s customers to obtain competitive and executable FX quotes, and to establish and manage customised workflows for the settlement of FX spot-forward-swap and time option contracts.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
While corporates have more choice when it comes to choosing financial services, the core relationship between banks and businesses hasn't changed, argues Michael Cummins, head of treasury solutions at Citizens Bank.
Deutsche Bank plans to partner with fintechs that have complementary business models, rather than buying out tech start-ups and competing in the market, bank executives said at press briefing this week. They also discussed future strategies for the technology, securities and payments spaces.