Monday 27th March 2006, London; Cognotec, the world's leading supplier of online dealing technology, is pleased to announce that DZ BANK, the fifth largest bank in Germany, has adopted Cognotec's award winning AutoDeal+™ solution to power its new automated online foreign exchange trading services.
DZ BANK, a new client to Cognotec, is based in Frankfurt and has already gone live with the new service. It is using Cognotec AutoDeal+™ to deliver real-time foreign exchange prices to its client-base of German Volksbanken (smaller local banks).
The Cognotec AutoDeal+™ platform, which is integrated into the bank's front, middle and back office infrastructure, will provide pricing and deal execution across virtually all currencies, instruments, tenors and price formats. The service will be deployed initially as an enterprise wide STP-solution supporting the bank's Volksbanken client base. The second phase of implementation will involve roll-out to the bank's corporate customers later in 2006, followed by utilisation of the multi-bank portal connectivity options provided by Cognotec AutoDeal+™.
"Looking at the available options, Cognotec stood out as offering both the degree of industry experience and technical innovation we were looking for. Cognotec AutoDeal+ enables us to tailor the product so it comprehensively meets our requirements without spending more time than necessary on implementation and deployment", commented Michael Schneider, Head of Treasury and Liquidity Management for DZ BANK.
"Cognotec's long experience of meeting the needs of a rapidly-developing market means we are well-placed to understand the requirements of a major regional bank like DZ. This agreement bears out our belief that e-enabled automation is the way forward for enterprises who wish to remain competitive in the foreign exchange and money market arena", said John Marchant, Head of Client Services for Cognotec.
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