FNX Limited (FNX), a leading provider of technology solutions for treasury and capital markets, announced today that Bank of America has extended its business relationship by contracting for FNX's Joint Development Team (JDT) service.
JDT is one of a number of FNX services designed to meet the evolving needs of its clients. The service provides the client with a full-time, dedicated team of FNX developers and business analysts to manage and support their specific enhancement needs. JDT allows the client to combine the best of off the shelf software and in house development. This is accomplished by permitting the client to manage proprietary and non-proprietary enhancements on FNX's Sierra infrastructure, while still maintaining upwards compatibility to FNX's standard development track. As a complete solutions provider, FNX created JDT in response to the market's growing demand for user driven development at a cost efficient price.
By using the JDT, Bank of America can reduce the costs of their development needs by buying development time in bulk. Time consuming paperwork is also reduced, as individual enhancements no longer need to be individually documented as work orders. Instead, development can be grouped into more manageable yearly plans. FNX is responsible for the training of the JDT team and provided back up, the ability to consult with FNX's System Architects, domain expertise, and a proven development infrastructure.
One of the largest and most innovative banking organizations, Bank of America utilizes FNX's Sierra package as a key component of its Global FX operations. Over the years, FNX has continually responded to Bank of America's growing and changing needs. Bank of America is using an on site JDT, with FNX developers and analyst located at BOA facilities.
Farid Naib, FNX's CEO added: "Having successfully delivered a global real-time solution for high volume dealing, FNX is delighted to be the BOA's chosen partner as their needs continue to evolve. FNX's deep knowledge and experience of the market, together with our next generation technology allows us to be a complete solutions provider."