Jordan International Bank has implemented Cognotec's AutoDeal Direct Internet-based trading product at its London foreign exchange dealing centre. The bank is already using the service for between 60% and 70% of its FX trades.
AutoDeal Direct allows banks to offer their clients a browser-based automated foreign exchange dealing service while using other financial institutions as liquidity providers.
Jordan International Bank has branded its first online dealing service JBFX Dealing. It is currently using JBFX to source prices for Forex trades resulting from financial transactions carried out by the bank's customer base of corporates and financial institutions in the Middle East and the UK.
"Our clients are growing increasingly sophisticated and expect Jordan International Bank to offer the most up-to-date services. AutoDeal Direct has allowed us to offer them a more efficient service while passing up the market risk on their positions to another institution," comments Basil Kekhia, senior assistant general manager and treasurer, Jordan International Bank.
The bank is presently sourcing 100% of its liquidity from Standard Chartered Bank. Kekhia says Jordan chose the AutoDeal Direct solution over a bank-owned white label service, because of the flexibility it offers in choice of liquidity provider.