FSS Expands in Latin America

Financial Software Systems (FSS) has experienced solid growth in Latin America in 2012, adding three new clients and three go-lives this year. FSS has expanded its Latin American presence in three countries, completing new licenses for its Spectrum Treasury System in Mexico for Banco Invex, for the Spectrum Wealth System in Panama for Global Bank, and for the SIAR (Sistema Integral de Analisis y Riesgo) Risk Management System in Costa Rica for Instituto Costarricense de Electricidad (ICE).

The Spectrum Treasury System was rolled out at Banca Mifel in Mexico, introducing support for a wide range of financial instruments specific to the Mexican market. As a result of the implementation of Spectrum at Banca Mifel, Spectrum now fully supports Cetes, Pagares, Cedes, Bonos Bancarios, MBonos and Udibonos among other Mexican financial instruments. In Panama Multibank has placed the Spectrum Treasury System into production for money market instruments, call money, foreign exchange (FX) spot-forward-swap contracts and for exchange traded futures (STFs) contracts. Multibank’s implementation includes SWIFT messaging and an interface to the Superintendant of Banks in Panama for required regulatory reporting. In Mexico Punto Casa de Bolsa placed SIAR into production.

Gerald Thurston, president of FSS, said: “Our commitment to Latin America is a very important component of our overall company strategy. As the Latin American market continues to grow and mature and become more integrated into the global economy, FSS is accelerating its investments in Latin America.

“Our purchase last year of the Mexican company Tecnología Asesoría Sistemas (TAS) has provided a sales, development and implementation hub in Mexico City to support all of Latin America. The integration of FSS and TAS is largely complete, with TAS Professional Services resources now working actively to support Spectrum clients across Latin America, and TAS engineers developing Spectrum functionality to meet our Latin American clients’ needs.”

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