Bank of China has begun to implement a treasury and capital markets system to automate its foreign exchange, deposits and loan processing operations. The system, called Operations Processing Integrated Control System, was developed by the Frustum Group Inc., New York, and is being marketed jointly by International Business Machines Corp. and Frustum.
IBM is managing the bank's installation in New York, handling the cable layout and installation, local area network design and installation and the workstations. Frustum is responsible for the software installation, staff training, and support.
The system automates the entire front-office and back-office processing cycle. The application functions include deal entry, verification, settlements instructions, confirmations, and payments, as well as the generation and posting of accounting statements. Users can retrieve information using either standard or ad hoc queries.