LBBW extends Cognotec AutoDeal implementation to handle EuroFX deals
19 April 2004 | 1647 views | 0
Germany's sixth largest bank, Landesbank Baden- Württemberg (LBBW), is extending its use of the Cognotec award-winning connectivity solution, AutoDeal, to become the first German bank to transact its EuroFX deals using a fully-automated electronic dealing channel. In addition, LBBW is adopting an AutoDeal adaptor to provide a seamless electronic connection to 360T, the multi-bank portal.
LBBW adopted the AutoDeal system in 2001, using the Cognotec dealing solution to power the bank's own online dealing system, LBBW-FXtr@der, which is used by its extensive client base of corporates and savings banks. As the largest institution in south west Germany, the bank's focus is its regional strength. The use of the 360T adaptor will enable LBBW to offer a fully automated foreign exchange pricing and execution service to their clients, and thus a more competitive service than is possible using manual processes.
In addition, Cognotec's electronic link to the rate-fixing service EuroFX, allows the bank's EuroFX clients to input their EuroFX transactions via the LBBW-FXtr@der system. As the first EuroFX consortium bank to offer a fully-automated electronic channel for EuroFX deals, LBBW expects its unique service to be attractive to customers in the region and in German-speaking countries abroad.
Patrick Sehn, LBBW Head of e-Commerce Capital Markets commented "We are pleased to announce that we are expanding our use of Cognotec's AutoDeal range of electronic dealing solutions. Our focus is very much on providing the best service possible to our clients and Cognotec has proved time and time again that it has the appropriate tools to allow us to do just that."
"By working closely with the bank, Cognotec is providing the most appropriate solution for its needs. LBBW is now able to offer unique services to its client base, while enjoying higher levels of internal STP and lower processing costs," added Paul Fox, Chief Operating Officer, Cognotec.
"LBBW is an excellent example of how a bank can use cutting edge technology to enhance its range of services and be more competitive in an increasingly tough marketplace," added Howard Tolman, executive Director, Cognotec.