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Cosmos Bank to adopt Ares AFEIS foreign exchange modules

Cosmos Bank has agreed to adopt Ares International's Advanced Foreign Exchange Information System (AFEIS) deposit and foreign exchange modules.

Under the agreement, Ares will provide Cosmos with complete functions for its modules, enabling it to meet customer requirements, reduce manpower and errors while simplifying operational processes.

Ares will introduce clearance and OBU information systems in two phases with the introduction of OBU bond system, inter-bank foreign exchange system, capital process system, exchange rate quotation system, foreign exchange and pre-payment or sales systems during the first phase.

The second phase will include foreign currency loan and guarantee system, export system, import system and write-off system.

The adoption is expected to complete by the third quarter of 2011 and all 49 Cosmos branches will adopt the AFEIS modules.

The Ares AFEIS is a computer integration system capable of supporting FX businesses including retail banking, wholesale banking and dealing room and can be connected to SWIFT system.

Cosmos Bank has also adopted the deposit and remittance or exchange modules of Ares AFEIS last year.