Zions Management Services Selects Spectrum Treasury System and Client Portal
Zions Management Services, the services arm of Zions Bancorporation, has licensed the Spectrum Treasury System and Client Portal from Financial Software Systems (FSS). Spectrum will support all of Zions’ treasury dealings in foreign exchange (FX) spot, FX forwards, FX swaps, and over-the-counter (OTC) FX options. Additionally, Spectrum will be used to support the bank’s banknote processing. The Spectrum Client Portal is a sophisticated internet portal for FX dealing, which will provide Zions’ clients with an internet channel for FX trading and FX payments with straight-through processing (STP) for Zions’ back office staff.
With the implementation of Spectrum, Zions will offer a range of FX products and will be able to manage all its clients’ FX requirements in a highly automated manner. Through the Spectrum Client Portal, bank clients will be able to transact in different products and also request FX payments online. All transactions executed through the Client Portal are executed in a completely secure environment with multiple levels of authorisation. Transactions will flow directly into the Spectrum Treasury System, where front- and middle-office modules facilitate real-time limits and risk management. Spectrum’s back-office modules will prepare confirmations, payments and accounting entries. The implementation of Spectrum Treasury and Client Portal will allow Zions to achieve significant cost savings and operational efficiencies in the execution of its treasury activities.
James Urbach, vice president of sales for FSS, said: “We are very pleased to have licensed Spectrum to Zions. The bank’s choice of Spectrum as a comprehensive treasury solution is evidence that opportunities for financial institutions still exist to provide value-added, profit-making activities even in an environment where IT budgets are limited. As a growing and expanding bank, Zions saw the need and the advantage of offering sophisticated treasury services on a single, straight-through platform, including a user-friendly internet portal. We look forward to helping Zions expand its client-facing treasury business.”