2005-06-29First Commercial Bank introduces Ares Summit FT system
First Commercial Bank (FCB) recently signed a contract with Ares International Corp. for implementing well-known international financial software Summit Financial Exchange (Summit FT) system for improving all front-office exchange, middle-office risk management and back-office settlement operations. The implementation will also help realizing international-standard straight-through processing (STP) operation and risk control that follows the Basel II regulations for FCB to swiftly connect to the world, improve operation efficiency and lower costs as well as risks.
FCB is the top private bank in Taiwan for internationalization, with overseas branches and offices in as many as 16 overseas locations while the number of branches dealing with overseas customers reaches nearly 1,700. Aggressively migrating to internationalization and liberalization with its financial products, FCB can not only keep up with the global pace but fulfilling local needs thanks to Summit FT and more than 20 years of experiences of Ares.
Ares has abundant financial professional and international cooperation experiences. To respond to the global financial liberalization trend and assist local financial institutions in overcoming future challenges, Ares introduces Summit full-series products and offers technical consulting and auxiliary system integration services with its international financial information experiences.
Summit FT system can support multiple markets, products and currencies, with functions including front-, middle- and back-office operations. The operations include emerging products such as currency, interest rate, bond, option, stock and structured commodity as well as front- and back-office information systems of traditional exchange room business. As well, Summit FT offers credit risk management and analysis relating to the middle-office risk management department. Since the solution follows the international-standard STP operation, it is the best tool for institutions in competing on the international financial stage.
Ares International Corp. is a well-known information software company in Taiwan, with cultivation in the finance professional market of more than 20 years. An expert for the Taiwan financial institutions to promote their international business, Ares is the exclusive agent for Summit full product line-up and is also the only Regional Partner of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in Taiwan. Ares will continue to introduce and support finance automation trends and policies while expand its service areas to offer international-standard software and technology integration services to local financial institutions.