Royal Bank of Scotland to launch retail FX marketplace

Royal Bank of Scotland to launch retail FX marketplace

The Royal Bank of Scotland has selected BEA's WebLogic Server to support a new low-value, high volume cross-border foreign exchange service, FXmicropay, due to go live later this month.

The new currency conversion service is intended to appeal to any company involved in high volume foreign exchange execution, including card scheme companies, equity brokers, travel and tour operators, m-commerce specialists and e-tailors, says the bank.

With a capacity to process 3000 transactions per second, 24 hours a day, the patent-pending FXmicropay platform takes data feeds from multiple sources and aggregates foreign exchange prices in real-time. The system allows customers to purchase products at the exact price displayed and in the currency of their choice, helping reduce potential losses due to currency rate movement.

After reviewing a number of application infrastructure platforms, the bank chose to run the FXmicropay processing system on the WebLogic platform, says Martin Spurr, head of e-ventures, The Royal Bank of Scotland financial markets.

"By combining FXmicropay and BEA WebLogic Server, using the J2EE open standard, we will create an efficient marketplace for retail foreign exchange," he says. "BEA WebLogic customers will be able to connect once to FXmicropay, removing the complexity and cost of point-to-point systems integration."

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