Online foreign exchange portal Currenex is to connect its FXtrades service with AVT's automated dealing system to provide straight-through processing to their joint customers.
Under the agreement, FXtrades will be integrated with AVT's auto pricing engine EchoFX, an online foreign exchange dealing system that facilitates the real-time electronic transaction of foreign exchange between a financial institution and its clients. Users receive continuous, tailor-made, real-time prices from their bank, which can be transacted instantly over the Internet. Currently, EchoFX supports the transaction of Spot, Forwards and FX Swaps.
"By partnering with AVT, Currenex is delivering improved operational efficiencies and cost savings, while ensuring that our bank members have the flexibility to deliver prices to their clients in the way that they choose," says Jim Kleckner, Currenex’s CTO and executive vice president products and development.
Jas Singh, business development director at AVT Technologies, comments: “Connecting EchoFX to the Currenex portal provides our customers with the ability to automate and streamline the trade process; our customers immediately reap the benefit of straight-through-processing that EchoFX provides.”
Earlier this year Currenex announced partnerships with other auto dealing systems including Cognotec, International Financial Systems (IFS) and Reuters, as well as treasury workstation vendors FXpress, Integrity Treasury Solutions, SimCorp, Selkirk Financial Technologies, Trema, and Wall Street Systems.