Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions, today announces Raphaels Bank as the first European bank to sign up for its Electronic Settlement Network (Wallstreet ESN).
Wallstreet ESN is a post trade processing utility for the capital markets. Raphaels is part of the Lenlyn Group, which also owns International Currency Exchange (ICE), one of the largest retail currency exchange operators in the world.
Raphaels will use the full breadth of Wallstreet ESN's foreign exchange and money market functionality. The implementation of Wallstreet ESN will enable Raphaels to grow their commercial and corporate FX services business. Raphaels will benefit from increased control over trading operations, through the provision of FX Sales and Trading tools, e-trading, position management, back office, SWIFT interface, accounting and more. The primary drivers for Raphaels selecting Wallstreet ESN over competing solutions were strong functional fit, robust and secure hosting and rapid time to implementation.
Raphaels is the fifth bank to sign up to Wallstreet ESN, following successful signings with other regional banks that are looking to grow their FX businesses. The Wallstreet ESN solution will be hosted in Wallstreet's European data centre in the UK which came online this month with remote Disaster Recover from another Wallstreet data centre in Germany.
Mike Thrower, Head of Banking Sales, at Wallstreet said: "The FX and Cash markets continue to grow, with trading volumes becoming spread across a wider range of financial institutions. Our Wallstreet ESN solution allows regional banks to compete against the top players by reducing the cost burden and opening up access to a highly efficient trade processing infrastructure. Wallstreet ESN allows those mid-tier banks who are serious about the FX business, to scale up their operations quickly and efficiently using a proven hosted model."