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INFOSERV INTRODUCES CHASE TRADER, THE MOST ADVANCED SYSTEM OF ITS KIND

INFOSERV INTRODUCES CHASE TRADER, THE MOST ADVANCED SYSTEM OF ITS KIND
 NEW YORK, May 19 /PRNewswire/ -- Chase InfoServ International today introduced Chase Trader, the most advanced on-line foreign exchange trading and settlement system of its kind.
 Chase Trader is a new module of Chase's PC-based InfoCash MicroStation(SM) that permits treasury managers to make small value purchases and sales of foreign currency for both spot value and future value dates up to one year and to use that currency to make payments.
 Michael Urkowitz, executive vice president and InfoServ executive, said, "Chase Trader provides unmatched convenience, flexibility, security, and cost effectiveness."
 The new system joins the information and transaction processing technology of Chase InfoServ International and the worldwide trading expertise of the Global Risk Management divisions of the Chase Manhattan Bank, N.A. It capitalizes on the bank's leadership in the foreign exchange trading markets, where Chase transacts in excess of $30 billion in a 24-hour day around the globe.
 By combining on-line electronic rate updates with the convenience and flexibility of microstation payment processing, Chase Trader provides treasury managers with the ability to time the market without having to make phone calls to foreign exchange traders.
 In addition, Chase Trader offers on-line confirmation of trades and multiple levels of security, which make it superior to any other such system.
 Chase Trader is the first fully automated system capable of handling the entire foreign exchange transaction on-line and integrating it directly into an organization's existing systems and procedures.
 With the new system, customers who perform these functions manually, as well as those who use one of the currently available automated systems, can eliminate many manual operations, including error-prone re-inputting of data from one system to another.
 The first pilot customer to use Chase Trader expects to save at least $150,000 annually over its current automated system. Customers who have previously performed these functions manually will save proportionately more.
 Chase InfoServ International has invested $3 million to date in technology for Chase Trader. The division spends $70 million annually on new system development technology alone.
 Chase Trader will make handling the increasing volume and complexity of foreign exchange transactions as easy as domestic money transfers, whether a company is an established multinational corporation or just starting to expand internationally.
 The system can be quickly and easily installed and operators readily trained. This means that Chase Trader can be used across the ente? financial spectrum, from treasurers to foreign exchange traders and accounts payable personnel.
 Said Mr. Urkowitz, "Chase Trader is designed with the flexibility to handle changing and increasingly higher volumes of foreign currency and transactions with a high quality, high capacity, high speed, state-of- the-art service.
 "But it is just the beginning," he added. "Chase Trader is designed as a platform that facilitates enhancements to meet the growing global needs of treasurers and fund managers into the future."
 Mr. Urkowitz said that Chase Trader has appeal to a broad range of corporate and institutional businesses, encompassing customers from all InfoServ divisions, including corporate treasurers, bank operation managers and pension fund managers worldwide.
 Chase InfoServ International is the global leader in the multi- billion-dollar business of providing electronic "back office" bank services to corporations, government agencies and financial institutions.
 It offers customers more than 100 services, including cash management, payments, trade, custodial and trustee services. It earned more than $100 million in net income for 1991.
 -0- 5/19/92
 /CONTACT: Ken Mills of Chase Manhattan Bank, 212-552-4507; or Lynthia Romney of Padilla Speer Beardsley, 212-752-8338, for Chase InfoServ International/ CO: Chase InfoServ International ST: New York IN: FIN SU: PDT


GK-OS -- NY026 -- 1735 05/19/92 11:00 EDT
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Publication:PR Newswire
Date:May 19, 1992
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