Cosmos Bank to adopt Ares foreign exchange system modules
Ares International Corp. recently signed contract with Cosmos Bank to assist the bank to adopt the deposit and foreign exchange modules of AFEIS(Advanced Foreign Exchange Information System) developed by Ares. The adoption is expected to complete by the third quarter of this year.
Cosmos Bank is facing the issue of the information system digit-change at the start of the first-century of the Republic Era (equaling the year 2011 of the western era). In addition, the bank has related system requirements. Consequently, Cosmos Bank has decided to introduce new foreign exchange modules. Ares is experienced in developing and installing foreign exchange system and modules. Moreover, Ares is the only regional partner of SWIFT in Taiwan. These have led Cosmos Bank to assign Ares to introduce AFEIS deposit and foreign exchange modules.
Ares will offer complete functions for its deposit and foreign exchange modules to Cosmos Bank, enabling the bank to flexibly meet customer requirements, reduce manpower and errors while simplifying operational processes. All 49 Cosmos branches will adopt Ares AFEIS deposit and foreign exchange modules.
Ares AFEIS is a new foreign exchange computer integration system with complete functions that cover foreign exchange businesses such as retail banking, wholesale banking and dealing room. With an object-oriented design concept, the system can be constructed on various mainframe platforms. The system is stable, flexible and easy to operate, so that it can fully meet the bank's actual needs in management and integration. The system can not only be integrated with existing systems of the bank but also with future business system interfaces while connecting to the SWIFT global connection system. Hence, the operational efficiency and trade business quality of the bank can be effectively improved and AFEIS will be the best tool for competition for banks in facing the internationalization trend. In the future, if Cosmos Bank has further requirements, the bank can easily expand its AFIES module scope.
Cosmos Bank was incorporated in 1991 and obtained the Certificate of Business Registration in the following year. The bank officially commenced its operations in 1992. Since its establishment, the bank has operated as a commercial bank, offering financial services to both corporate and individual customers.
Banks that already implemented AFEIS foreign exchange system include the Farmers Bank of China (already merged into TCB), Bank of Panhsin, Hwatai Bank and Cathay United Bank, with OBUs using AFEIS including Hua Nan Bank, First Commercial Bank (FCB), Bank of Kaohsiung, Bank of Overseas Chinese (before being merged into Citibank) and Taiwan Business Bank.
Introduction of Ares financial services
Ares International Corp. is the first Taiwan-based software company having its stocks listed on the Taiwan Stock Exchange (TSE). For the past three decades, Ares has been cultivating the area of internationalizing financial integration system, eAresBank, Summit FT, FSTP for SWIFTNet Fund, AFEIS, while offering information security product uPKI, enterprise information application, government information project and professional consulting services. Ares is the only SWIFT regional partner in Taiwan.