TwoFour, a product and services company focused on reducing costs and providing treasury, FX and cash management solutions, is pleased to announce that Fortis Bank Global Clearing (FBGC) has licensed the TwoFour System to automate its Foreign Exchange (FX) risk management, clearing and settlement processes.
The initial scope for its client services business includes FX spot and forward activity as well as for vanilla Over-the-Counter FX Options. FBGC's business has undergone significant changes recently and additional volume growth is anticipated. TwoFour will provide robust functionality, rapid implementation and ease to help manage this growth in a timely manner.
Andrew Gibson, FBGC's Sales Manager - FX Products, said: "We selected TwoFour because of their reputation and knowledge of the FX market. Their application will allow us to easily support our anticipated volume and their workflow design will make it possible for us to achieve very high STP percentages for all products."
FBGC will deploy TwoFour on a global basis to support their FX clearing, settlement, and reconciliation processes. TwoFour's 24 x 7 workflow based application will streamline FBGC's processes and add efficiencies that will benefit both clients and counterparties. Clients will profit from seamless deal capture, enhanced straight through processing and improved information flows and reporting.
Chris Davis, TwoFour's global head of sales and marketing, stated: "TwoFour is focused on delivering an excellent product developed with current technology. Our goal is to provide our clients with superior personal service at a competitive price. We are delighted to include FBGC in the expanding TwoFour community, and look forward to a long partnership with FBGC that will benefit both of our companies."