Union Bank of Finland has decided to install a capital markets system from The Frustum Group Inc.
The system, called Opics, will provide the bank with from and back office processing for its financial futures and exchange traded operations in New York.
"The system will allow us to continue to standardize our technical environment," said Jerry Murphy, a senior vice president at the bank.
"Opics offers the same functionality as our present system, but will make things easier to work with, modify, and maintain in the future," he said.
By installing the system, the bank will be able to automate functions of the back and front office processing operation of financial futures and exchange traded options.
Opics will allow the bank to handle all the components of deal entry from real rime "what if" profit and loss analysis to generation and posting of accounting entries.
The bank will operate Opics on a personal computer network in a Microsoft Windows environment, which will be linked to structured query language data bases.
Union Bank plans to install the system and have it running by the end of the fourth quarter. The agreement calls for the system to be used in the United States only.
Neither party would comment on the dollar amount of the agreement.
Union Bank of Finland Ltd. is the United States operation of the Helsinki, Finland-based Unitas Group Ltd., the world's 189 largest bank.
At year end 1993, the parent company had $25 billion in assets with 6,298 employees and 363 branches worldwide.
The U.S. operation at yearend had assets of $681 million, which accounted for 2.4% of the parent company's total assets.
The Frustum Group, which is based in New York, is a privately held software development and consulting company that specializes in the design of treasury and capital market systems for financial institutions.