BofA to Offer Microcomputer Software for Foreign Exchange
Ferris, Tom, American Banker
The Bank of American has introduced a software package aimed at helping corporations with large foreign-exchange systems to manage their money market activities. They system, the MicroStar International Treasurer, is the tenth microcomputer-based product in the bank's family of treasury management services.
Multinational corporations can use the package to monitor and analyze foreign-exchange transactions in up to 32 currencies. "By converting all holdings into current dollar equivalents, the product enables cash managers to calculate gains and losses in each currency," the San Francisco-based bank said. "Information on currency positions, current and projected cash flows, and credit availability is available within seconds."
The product, which was demonstrated last week at a cash management exhibition in New York, provides reports on performance appraisal, foreign exchange dealer position, and contract maturity, the bank said. It also automatically generates bank confirmation letters and cash settlement instructions.
The Bank of America is marketing the system now as a stand-alone product, according to Scott A. Grayson, an assistant vice president. In six to nine months, cash managers using the package will be able to automatically integrate data with other MicroStar products offered by the bank, Mr. Grayson said.
The International Treasurer, which is designed to run on IBM personal computers, will be available for installation on Oct. 1. It will cost about $10,000 plus a monthly support fee, a spokesman said.
BofA is marketing the product under a license from a London software firm, Swallow Business Systems Ltd. "The service has been successfully tested in Europe for the past year, and we currently have pilot programs at customer locations in the United States," said Judith Prowda, a senior vice president. PNC UNVEILS PRODUCTS: The pnc Financial Corp., Pennsylvania's second largest bank holding company, has announced the introduction of two products, a microcomputer-based treasury management system and a service that automatically initiates payments through the automated clearing house.
The products will be available initially through Pittsburgh National Bank and later will be offered by two other banks in the holding company, Provident National Bank of Philadelphia and Marine Bank of Erie, a spokesman said. …