Wachovia Corporation has built and deployed its new Internet-based foreign exchange application on the BEA Systems' WebLogic Server.
Wachovia says its automated currency trading and exchange system cuts exception handling by 95 per cent.
Mark Gargano, managing director, currency risk management, Wachovia, comments: "We expect year-over-year growth of 30 per cent in our Web-based foreign exchange business, with much of that growth attributable to online FX technology and BEA WebLogic Server," says Gargano.
He adds that the WebLogic platform shortens roll out times for new products and business process improvements from over six months to eight weeks.
California-based BEA Systems says the platform was selected for its real-time transaction processing, 24x7 availability and support for open standards.