Brussels 19 April 2007: Fortis, one of Europe's largest financial institutions, has decided to implement Framesoft Structured Products (FSP) as part of its Automation of Securities Documentation Project.
FSP is Framesoft's answer to the growing number of issues of more and more complex Structured Products via EMTN Programmes or Certificates. With FSP, issue documentation becomes a highly automated and much better controlled process with the highest level of STP achievable. At the same time, procedures for checking and escalating critical issues, approving them and creating the documentation get aligned with each other by virtue of FSP's workflow engine.
FSP is based on Framesoft's Base Technology Platform FON, allowing at the same time Form and Document Based Data Capture and automatic, conditions based Creation of Documents and Approval Processes, which can be "negotiated" and edited in a workflow. Dynamical changes of the data model and workflow templates used permit the rapid creation and deployment of new product types and the respective issue documentation without any release change. Static Data Management for the data needed to create the documentation is also included.
FSP supports all types of structured products, including Fixed Income, Structured Notes (Shares and Index based) as well as all pay off structures through its powerful, object based Structured Products Data Model, which can be amended for new products and attributes at run time, making system enhancements for new products a matter of minutes, rather than weeks.
Fortis is going to create the documentation of its most used EMTN Programmes for Fixed Income and Structured Notes, with the intention to increase Programme and Product Coverage to other issuers and Credit Linked Notes after successful introduction of the first Milestone.
For Dealer driven Business and third party issuers, each issue will be captured in FSP and the respective folder for archiving the received and related internal documentation will be created automatically in Framesoft's Document Archiving and Management Solution FDM. Documents created automatically by FSP are going to be transferred automatically into FDM.
Participating in the implementation of the system are Fortis Branches in Brussels, Luxembourg, New York and Hong Kong.
About Fortis
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. Fortis delivers a total package of financial products and services through its own high-performance channels, and via intermediaries and other partners.
Fortis ranks among Europe's top 20 financial institutions, with a market capitalisation of EUR 43 billion. With excellent solvency, a presence in over 50 countries and a dedicated, professional workforce of 60,000, the company combines global strength with local flexibility.
More information is available on www.fortis.com.