Germany's fifth largest bank integrates FX trading onto single AutoDeal+ platform
29th May 2008, Vienna: Cognotec has today announced that DZ Bank, the fifth largest in Germany, is to significantly enhance its online FX dealing capabilities by upgrading to AutoDeal+ 3.40. The upgrade will enable the bank to fully integrate the trades generated by its two big client groups: its network of a thousand local cooperative banks (which service individuals and SMEs) and large corporate customers whom are serviced from the central office.
The bank already uses AutoDeal+ to automatically process the deals generated by DZ's network of cooperative banks. Presently, corporate customers access the bank via the 360T portal which is accessed via a legacy platform. Using AutoDeal+ 3.40 both these groups as well as internal clients will be fully integrated onto the same platform.
AutoDeal+ is Cognotec's award-winning total FX trading solution for banks and institutions. Version 3.40 is the latest upgrade which provides the leading Orders solution in the market, as well as the ability to trade non-deliverable forwards and accurate pricing to reflect client's onshore/offshore status.
DZ Bank has enjoyed high volumes flowing through its AutoDeal+ platform from its local bank network and the upgrade will enable the bank to extend roll-out of this service. However, it was particularly the new orders functionality which it found attractive. It enables orders which are requested and fulfilled electronically to be tracked according to the specific pricing parameters the bank wishes to apply to individual customers. Thus, clients can easily enter and exit markets when specific prices have been reached, while the bank can automatically monitor margins either on a customer-by-customer basis, or across its entire book.
Commenting on the announcement, Roland Weiss, Head of Corporate Sales for DZ Bank said:
"There are clear efficiency benefits to us in upgrading to the new AutoDeal+ 3.40 platform. Using a single platform will enable us to continue rolling out automated dealing services to our clients who will enjoy greater automated connectivity in accessing our services. In addition to integrating dealing onto a single platform, order management will be more streamlined. This represents a very positive foundation from which to move our electronic dealing strategy forward."
Mike Thrower, Head of Sales and Marketing for Cognotec added: "The latest functional enhancements to AutoDeal+ 3.40 have proved such a good fit for DZ Bank because the entire plug-and-play component-based platform is designed to offer maximum flexibility for banks competing in the forex arena. DZ is able to enjoy efficiency cost-benefits combined with increased service levels to its internal and external clients. This is an excellent demonstration of why AutoDeal+ has maintained its position as a world-leading electronic trading platform." |