Bank of Scotland launches Web-based FX dealing

Bank of Scotland launches Web-based FX dealing

Bank of Scotland has launched Bosdeal, an Internet based foreign exchange and money market dealing service.

The service will enable business customers to transact foreign exchange deals and place term deposits with the bank over the Internet. It has been designed to provide access to consistent and accurate prices and provide on-line customer enquiries whilst maintaining high levels of system security, says the bank.

Functionality of Bosdeal includes:
* automatic customer deal confirmations;
* customer can nominate one or more users;
* each user's access is controlled by a unique user id and password;
* each user can be allocated an individual limit which, together with the customer specific limits, controls access to the different products, size and period of a deal; and
* deals will settle automatically to predesignated accounts within the bank.

The service went live on 23 April and Bank of Scotland is planning a progressive rollout to business customers over the next few months.

Angus Cameron, deputy chief executive, Bank of Scotland Treasury Services says: "Bosdeal harnesses Internet technology to provide our customers with an enhanced dealing service which is quick and easy to use. Features such as online dealing, automated confirmations and online access to deal information improves efficiency for the customer and we anticipate that there will be strong interest from businesses for this new service."

Although foreign exchange and money market trading via PC-based dial-up is widely available, Bank of Scotland claims it is one of the first UK banks to provide an Internet-based dealing system.

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