FICS: HP International Bank deploys ABACUS for financial reporting.

M2 PRESSWIRE-24 March 1999-FICS: HP International Bank deploys ABACUS for financial reporting (C)1994-99 M2 COMMUNICATIONS LTD

RDATE:230399

* Hewlett-Packard's Dublin-based banking operation implements FICS-ABACUS solution for its Central Bank of Ireland and ALCO reporting

The Dublin-based HP International Bank (HP IB), has installed FICS-ABACUS, the regulatory reporting software from banking technology company, FICS, to generate regulatory reports for the Central Bank of Ireland and ALC0 (Asset/Liability Committee) reports for its internal liquidity management. The system will also be used for internal management reporting.

HP IB provides HP's European corporate customers with financing for the purchase of electronic equipment and related services. It was created in 1998 by Hewlett- Packard, to answer a business need within its international operations, to be able to meet localised legal requirements and regulations encountered during finance transactions with HP customers.

Paul Stanton, IS Programme Manager, HP International Bank, commenting on the announcement, said "HP IB's selection of FICS was made because it was comprehensive solution that supported CBI reporting regulations. The modularity of the system meant that we only had to build an interface to connect it to the back office systems, which made it easy to install and ideal for our organisation. We were able to commence trading immediately, due to the system's inherent CBI and ALCO management reporting capabilities."

HP IB Reporting

In addition to the regulatory reports that must by law be submitted to the Central Bank of Ireland, FICS' product is used to generate monthly and quarterly Asset/Liability Committee reports, focussing on elements of HP IB's balance sheet. FICS-ABACUS is also used to create risk management reports, ensuring that HP IB's exposure remains within the terms of its newly granted banking licence.

Technical Environment

During the implementation period, FICS developers specified, documented and coded the required interface between FICS-ABACUS and Hewlett-Packard's HP3000-based International Leasing System, which runs on an Image Database and holds complete records of customer leases, including billing information. HP IB's General Ledger and Treasury systems also feed into FICS-ABACUS.

About HP International Bank

HP International Bank was incorporated in July 1998 and began trading in December that year. It was founded as part of an initiative to enable Hewlett-Packard's field offices throughout Europe to provide finance on a wide range of HP and non-HP electronic equipment. HP IB is headquartered in Dublin, taking advantage of Ireland's preferential tax rates and resources for the banking sector. Ireland. also has the advantage of occupying a position at the heart of the euro zone, enabling simpler rationalisation of cross-border transactions.

About Hewlett-Packard

Hewlett-Packard is a leading global provider of computing, Internet and intranet solutions, services, communications products and measurement solutions, all of which are recognised for excellence in quality and support. HP has 124,600 employees and had revenue of $47.1 billion in its 1998 fiscal year.

Information about HP, its products and the company's Year 2000 program can be found on the world wide web at http://www.hp.com.

FICS GROUP

The software company FICS was established in 1989 and concentrates on two core activities: Electronic Services Delivery (ESD) and Financial Reporting Systems (FRS). The company's ESD products provide solutions for electronic barking, both retail and corporate, running on Windows and via the Internet, as well as solutions for electronic commerce. FICS' ESD activities are based on a number of customer-end client and bank-end server applications. These offer end-to-end functionality for account reporting, cash management, payments, custody, trade finance and netting, and embrace all forms of electronic banking, from conventional "electronic delivery systems" to Internet, telephone, fax, PDA and mobile phone services. FRS offers banks, insurance companies, pension funds, mutual investment funds and. brokers an international solution for legal, financial and management reporting.

Since it was established, the company has grown to more than 650 employees, with subsidiaries in more than 10 countries, including Australia, Belgium (head office), France, Luxembourg, the Netherlands, Portugal, Singapore, Spain, the United Kingdom and the United States. FICS has more than 600 clients worldwide, including ABN-AMRO Bank, BNP, Bank of America, Barclays Bank, Citibank, Commonwealth Bank of Australia, Deutsche Bank, ING Bank, Lloyds Bank, Nomura Bank and Sumitomo Bank. In 1997, FICS recorded revenues of more than USD 40 million. For further information visit FICS Group Website at http://www.ficsgrp.com.

CONTACT: Willem Jan Zwart, FICS UK Ltd Tel: +44 (0)171 427 0250 Bill Moores/Sue Eyles, Moores Associates Tel: +44 (0)1628 686916

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