First National Bank of Southern Africa Ltd., Johannesburg, has licensed risk management software from Infinity Financial Technology Inc.
Terms of the deal were not disclosed. First National, with more than $19 billion in assets, currently uses proprietary systems to analyze its treasury operation's exposure to risk.
Andre Ribbens, head of risk management, global markets, and treasury at the bank, said the new technology was necessary due to growth in its "transaction volumes and the complexity of products in derivatives markets."
Richard Ferrari, business manager of Mountain View, Calif.-based Infinity, said the company has stepped up its prospecting for international customers.
Infinity's total revenues in the second quarter were $15.4 million, up from $9.7 million in the same period last year. Software installations outside of North America accounted for 70% of its licensing revenue, which was $11.5 million.