Brussels, 14 July 2005: Fortis Bank went live with the Framesoft Agency Module which extends the existing installation of the Framesoft Contract Repository (FCR).
In light of the growing volume of the business covered by Agency Agreements, Fortis decided to deploy Framesoft’s Agency solution in order to extend close-out netting to credit risks arising from agency transactions.
Fortis uses Framesoft Contract Repository since 2001 for group-wide close-out netting and contract management. With the ability to automatically check all existing agreements against the respective legal opinions for close-out netting, Fortis achieved a significant reduction of credit exposure associated with derivatives trading.
Fortis is an international financial services provider active in the fields of banking and insurance. Fortis occupies a leading position in all market segments in the Benelux countries. Boasting a market capitalisation of EUR 27.9 billion and total assets of EUR 694 billion, Fortis ranks among the twenty largest financial institutions in Europe. Its sound solvency position, broad risk spread and ambitious, professional workforce of over 51,000 enable Fortis to combine global strength with local flexibility to provide optimum support to its customers.