First Tennessee Bank (Memphis), a subsidiary of First Horizon Corp., has completed its implementation of London-based LogicaCMG's payments solution. The new system allows corporate customers to initiate and approve wire transfers and execute foreign currency transactions online. It also delivers improved security, controls and regulatory compliance capabilities, according to the vendor.
"We will soon have a customer-facing module that enables our customers to shop for foreign exchange and get live quotes via the Internet," said Marilyn Hazzle, who manages the wire transfer program at First Tennessee Bank, in a release. "Under the old system, the client would call the bank, and then one of us would contact a trader, who would call New York. We would then get back to the customer with a price quote. By that time, the market could have moved in an unfavorable direction. Our new system is much less labor-intensive and will be a real competitive advantage for us."
In addition, the system's HOTSCAN module improves productivity and compliance with anti-money laundering regulations by automating the scanning and checking of all funds transfers and messages. Further, according to Hazzle, the system's timely notification of completed funds transfers reduces the bank's exposure to counterparty risk.
Commerce Bank Deploys Fortent's AML System
Cherry Hill, N.J.-based Commerce Bancorp deployed New York-based Fortent's anti-money laundering system throughout the bank's operations. Fortent's AML solution reviews every transaction based on individual and constantly adapting behavioral profiles that are generated and maintained for each account and customer, the vendor says, adding that each profile automatically and continually self-updates. According to a Commerce Bank spokesperson, the bank chose Fortent's solution for its ability to match the growth of complexity and transaction volumes that the bank is experiencing.
Fifth Third Implements SunGard's Kiodex
Cincinnati-based Fifth Third Bank implemented SunGard's (Wayne, Pa.) Kiodex Risk Workbench to support the bank's front-to-back-office commodity trading business. Kiodex is a Web-based commodities risk management solution that integrates deal capture, valuation models, risk measurement and financial reporting, as well as independent market data that includes representative prices, volatilities and volatility skews. Fifth Third Bank leverages Kiodex to provide indicative quotes for customers, and then capture and track the position on both customer and dealer trades.
UMB Deploys Oracle's Siebel Applications
Kansas City, Mo.-based UMB Bank has deployed Oracle's (Redwood Shores, Calif.) Siebel Sales and Siebel Universal Customer Master. The solution provides the bank with a comprehensive customer data hub that unifies customer information across multiple business units and functionally disparate systems to provide a 360-degree, enterprise view of customers and improve the effectiveness of customer service and sales initiatives. UMB also is deploying Siebel Contact Center to improve customer service.