Charles Schwab Europe is to implement Windows 2000-based FIX technology from UK software house SolutionForge to enable straight-through processing for the purchase of mutual funds.
SolutionForge's FIX.NET Server allows financial transaction data to be transferred using the Financial Information Exchange (FIX) protocol within the UK's electronic funds marketplace (EMX). Charles Schwab Europe will utilise the product to sell mutual funds via its Web site and route transactions securely to fund managers.
The technology will automate Charles Schwab Europe's trading process, whilst increasing operational efficiencies and reducing costs, says Pam Wilde, director of wealth management services at Charles Schwab Europe. She says the bank chose SolutionForge after a rigorous review of providers in the marketplace.
The system will be integrated into Charles Schwab's Web site by the end of 2001.