Financial Technologies International said it has sold its Global Financial Data Model and the Real data base products to Hansabank, the largest banking institution in Estonia.
Hansabank, which operates in the Baltic states and Russia, intends initially to process and post in real time all transactions, prices, market data updates, corporate actions, and payments in its custody and brokerage operations, Financial Technologies said.
The systems would later be applied to private banking and lending automation.
"We are proud to establish FTI in Eastern Europe," said Predrag Dizdarevic, president and chief operating officer of New York-based Financial Technologies International.
Hansabank chairman Juri Mois said the institution is straining under growth pressures and "wanted one system and data base that could support a broad range of customers, products, and services."
Mr. Dizdarevic said FTI systems have typically been used by large institutions, but Hansabank is using a repackaged version for midsize institutions and emerging market countries where regulatory lines between banking and brokerage are not as sharply drawn as in the United States.