A UK-based wholesale bank has made a significant decision to enhance its foreign exchange (FX) operations by partnering with a leading provider of currency technology. This move comes as the bank seeks to improve its execution capabilities in response to growing client demands.
With over five decades of experience, the bank specializes in offering trade finance and treasury solutions in diverse markets. To better meet client needs, it plans to implement advanced technology for liquidity aggregation, pricing, distribution, and white-labeling, which will ultimately enrich its FX service offerings.
One of the key features of the new technology is the integration of a pricing engine that will empower the bank to design its pricing for local currency pairs. By leveraging a fully branded white-label solution, the bank will ensure seamless distribution of pricing to its clients, positioning itself strategically alongside their other trading tools. This integration is crucial for optimizing FX services and stands to replace the labor-intensive manual processes that currently dominate operations in many regions, thus enabling more competitive pricing particularly in the Middle Eastern and African markets.
Moreover, the streamlined workflows enabled by this advanced technology will enhance transparency and alleviate the manual compliance processes that have traditionally burdened operations within the institution.
A senior executive at the bank conveyed that the transition to automated FX capabilities, facilitated by this new partnership, will bring about significant benefits. These include improved distribution capabilities, real-time pricing, and enhanced liquidity aggregation—all while maintaining a focus on nurturing long-term and trustworthy client relationships. The collaboration is noted for its smooth process and the strong position of the technology provider in FX markets, making this advancement pivotal in the bank’s ongoing digital transformation strategy to support future growth and provide clients with sophisticated and agile FX workflows.
The CEO of the technology partner expressed enthusiasm about the collaboration, highlighting the adaptability of their solutions to meet increasing client demands and currency market fluctuations within Africa and the Middle East. The scalability of the technology ensures that as the bank expands, its infrastructure will evolve seamlessly alongside it, backed by robust aggregation and distribution capabilities. This partnership marks a significant milestone in the bank’s development journey.
The technology provider is well-regarded in the financial sector, working with hundreds of financial institutions that incorporate its services into their workflows and customer interactions. Founded in the early 1990s, the provider has grown to address currency challenges faced by businesses worldwide, extending its reach beyond financial markets to various industries.
Overall, the strategic partnership aims to enhance the operational efficiency and service offerings of the bank, positioning it well to navigate the complexities of the evolving FX landscape while continuing to prioritize client relationships. The investments in technology are expected to yield fruitful results in the bank’s efforts to meet growing demands effectively and competitively.