Integral Development Corp, a leading provider of FX trading solutions and services, announced today it was selected by Wells Fargo & Company (WFC), to launch Wells Fargo's new FX pricing service.
The platform allows Wells Fargo to electronically access liquidity directly and indirectly from over 50 sources, including market making banks, ECNs and professional trading firms. Under the agreement, Wells Fargo manages its liquidity sources, price-making streams and customer-specific offerings from Integral's hosted administrative tools. Despite a significant number of complex configurations such as creating tailored solutions including trading systems specific to each respective customer segment, Integral delivered the platform to Wells Fargo customers within three months.
"We are proud to partner with a renowned financial institution such as Wells Fargo and provide them with a solution that they fully control," said Harpal Sandhu, CEO, Integral Development Corp. "The strengths of our cloud services and the improved access to the fragmented liquidity of FX markets will ensure that Wells Fargo's customers are getting the best service possible."
Wells Fargo will be able to deliver innovative FX services to its customer base on a fully electronic platform, benefitting from all the efficiency gains including post trade processing (STP). Offering the full life cycle of FX as pre-integrated cloud services hosted by Integral, the solution is a custom-configured version of FX Cloud™, Integral's open FX platform. Wells Fargo is also able to provide rapid and extremely cost-effective deployments for its customers due to pre-existing relationships Integral built with the majority of market participants.
"As Wells Fargo continues to strengthen our FX capabilities, we needed a reliable and effective solution that would ensure the best possible service to our customers," said Steve Godfrey, head of Wells Fargo's Foreign Exchange Ecommerce group. "Integral's ability to customize their technology to our needs, while providing cost savings and time-to-market benefits made their platform a clear choice. We are very pleased with the results."