Wachovia Corporation is to use integration software from New Era of Networks (Neon) to enable its new Internet-based foreign exchange trading system.
Wachovia is implementing the Neon MQ Series Integrator software and adapters, including Neonadapter for Swift, in a bid to achieve straight-through processing of electronic FX orders.
John Vidlak, senior vice president, Wachovia capital markets technology, comments: "We are confident that our new foreign exchange trading system will increase efficiency and cut costs associated with the entire trade process."
The project is expected to launch early next year.