Citigroup has launched a white label Internet-based foreign exchange dealing platform for small to medium-sized banks, CitiFX White Label. The service will be hosted and managed by Integral Devlopment Corporation.
Citigroup says CitiFX White Label is designed to meet the needs of mid-sized and regional banks looking to reduce costs associated with providing clients with foreign exchange products.
The bank says the customisable and modular design of the platform allows firms to select the components that best fit their internal dealing arrangements and needs of their customers.
Integral is managing the independent hosting of the system to ensure confidentiality for participating banks and their customers.
Several banks have already selected the service as their primary e-FX solution, says Vikas Srivastava, global head of FX e-commerce, Citigroup.
He adds: "It complements our other e-commerce offerings and supports our strategy of providing world class FX solutions for our clients."