Union Bank of India (UBI) has contracted with Reuters for the supply and implementation of the vendor's hosted foreign exchange dealing platform, Reuters Electronic Trading - Automated Dealing (RET-AD).
Reuters says its technology will enable UBI's corporate customers to conduct real-time FX and money market transactions by accessing the bank's Web site using any standard Internet browser.
Asoka Markandu, head of sales, Reuters Transactions Group, Asia comments: "By selecting Reuters Electronic Trading system, the bank can reduce the dealers' workload, provide competitive transparent pricing, reduce costly errors, protect existing client base and improve customers' experience in online trading and thereby enhance the bank's position as a leader in the FX marketplace."
The system is scheduled for installation in mid-2006.