TwoFour, a leading provider of global real-time FX, treasury cash management, limit monitoring and order management solutions today announced that the institutional trading division of one of the world's largest financial groups has gone live with TwoFour FX.
TwoFour delivered a full front, middle and back office solution to support the group's global FX business. Processing of all the pieces of the FX trade life cycle is now managed by TwoFour's solution. A group of 35 from across the front, middle and back offices will use the solution for FX and FX options processing to handle the average 5,000 trades per day.
The existing system was replaced with TwoFour based on a number of reasons. Some of the key drivers included a need for improved STP, more flexibility, improved functionality and workflows and the ability to support increasing FX volumes. The group was also seeking a software solution to support deal capture of FX spot, forwards, swaps, FX options and NDFs, perform risk and credit analysis, provide P&L analysis and reporting as well as supply trade confirmation, netting, settlements, payments and accounting. The platform needed to immediately offer FX with the ability to incorporate other products in the future. Confirmation matching was also a critical component that TwoFour offered, which allowed increased volumes with no manual intervention for matching confirmations and releasing payments.
"TwoFour enables us to trade new instruments, eliminate errors from manual processing, cut costs, achieve compliance and handle increased volume, "said a head of operations at the company. "The solution also has the scalability that will be required as we continue to grow and expand globally."
"This successful project, again proves that TwoFour easily integrates into very complex systems' infrastructures in a seamless manner," said Chris Davis, co-founder and global head of sales at TwoFour. "Understanding the requirements and timeframes allowed TwoFour to accurately estimate the time and effort required to deliver this front through back office FX and FX options solution on time and on budget."
Said a senior executive from FX department, "Not only does TwoFour have a proven track rececord of delivering successful projects within our organization, but they are also recognized experts in the FX space. TwoFour is able to customize and tailor workflows and automate a multitude of processes, which allows for optimized STP. Also, TwoFour's highly configurable nature in regards to screen set up, user preferences and overall layout far outshines alternative vendor offerings."