SECURITY Bank Corp., one of the country’s leading treasury dealers, is upgrading its treasury system to Guava Suite, a new system that allows greater customization, the bank said in a statement.

“We explored technological solutions when we were looking at expanding our derivatives license; Guava was chosen because it enabled us a platform for improved efficiency,” Security bank senior vice president and treasurer Rafael Algara said.

The bank said the new system delivers “very high levels of automation” and allows customization.

Guava Suite is an upgrade from Australia-based CCK Financial Solutions Ltd.’s Opics.

“Treasury is an area which is subject to accelerating pace of change.  Guava’s unique feature of allowing customization by the bank, whilst automatically maintaining an easy upgrade path with regular new releases of the software, future-proofs the bank,” said Joseph Wong, managing director of CCK.

Wong said the firm is setting up its own office in Makati because of potentials in the Philippine market.

“CCK has made a commitment to the Philippine market by setting up our own office in Makati.  This follows on our contract with another leading bank….It is now our second migration from Opics to Guava, and establishes Guava as a market leader in treasury technology in the Philippines. This selection by two of the top banks in the treasury space in the Philippines highlights the superiority of Guava’s breakthrough technology.  Guava’s functionality will improve the bank’s ability to service its customers, as well as streamline its internal processes through automation,” Wong said.

Perth, Australia-based CCK is a specialist treasury-systems provider. It released Guava Suite, its third-generation of treasury solutions, in 2002.  Guava Suite covers dealing, risk management, operations, accounting and reporting needs of a treasury department in a single system.

CCK also provides the treasury system for DBS Bank in Singapore and ING Bank in Australia.

Security Bank reported a net income of P836.9 million in the first three months of the year, from P758.8 billion a year earlier.

THE National Economic and Development Authority-Investment Coordination Committee (Neda-ICC)-Cabinet Committee has validated two lending facilities that government units may use to tap concession loans from the governments of Japan and Korea.

Security Bank upgrades Treasury software

SECURITY Bank Corp., one of the country’s leading treasury dealers, is upgrading its treasury system to Guava Suite, a new system that allows greater customization, the bank said in a statement.

Foreign reserves grow to $36.7B

THE country’s gross international reserves (GIR) grew from $500 million to $36.7 billion.

Bangko Sentral ng Pilipinas (BSP) governor Amando Tetanco Jr. said GIR grew on the heels of deposits by the Power Sector Assets and Liabilities Management Corp., or PSALM. The money came from the asset sale of the National Power Corp. (Napocor).

Yield for 91-day T-bills advances to 5.699%

THE government sold its 91-day Treasury bills on Monday, after withdrawing the benchmark bills for nearly six months so as to reign in interest rates.

Metrobank expands remittance service to OFWs in South Korea

THE Metropolitan Bank & Trust Co. (Metrobank) has signed a remittance agreement with Hana Bank of South Korea to expand its remittance business, Metrobank said in a statement Monday.