Bank of Oklahoma (BOk), headquartered in Tulsa, has licensed the Spectrum Treasury System from Financial Software Systems. Spectrum will support all of BOk’s treasury dealings in foreign exchange (FX) spot, forward and swap contracts, and over-the-counter (OTC) FX options. Additionally, Spectrum will be used to support the bank’s growing interest rate derivatives (IRD) business, with support for interest rate swaps, caps-floors-collars and swaptions.
The Spectrum implementation will include a sophisticated internet portal for FX dealing, which will allow BOk’s clients to have an internet channel for FX trading and FX payments with straight-through processing (STP) for BOk’s back office staff.
Randy Ingargiola, vice president of BOk’s financial risk management division, said: “We are very pleased to have licensed Spectrum, which we feel is a comprehensive FX and IRD solution that will allow us to provide the highest level of services our clients demand. Once Spectrum is up and running we will have the capability and capacity to significantly expand BOk’s treasury operations. We are especially pleased with the Spectrum portal as we feel that it most closely aligns with the way our customers think and want to do business.”