Currency trading portal Currenex has launched a new online loans and deposits dealing capability as it bids to win more business from corporate treasurers.
Currenex claims to be the first multibank dealing platform to expand into money market trading, providing corporations and funds with the ability to control more of their treasury transactions from one service.
By using the Currenex service, customers can send price requests or orders for loans and deposits to banks that they have credit relationships with and receive back live rates within seconds. Rates are ranked with the most competitive at the top of the list and a difference in interest amounts displayed for each of the other rates for easy analysis.
Features such as the Trades Monitor enables customers to double click on a trade and instantly review all of its details, while the Audit Report tracks savings realised on trades. As with the trading of FX, customers and banks can then download all trades into other systems on an automated basis or on demand.
Rudi Merckx, treasurer of Buhrmann Europcenter, the Belgian coordination centre of Buhrmann, says: "We’ve already completed numerous transactions on the Currenex service and have found that it saves time and improves auditability...We have seen a 30% improvement in efficiency in the first week."
Lori Mirek, president and CEO at Currenex, states: "Loans and deposits is another step by Currenex towards its long-term goal of facilitating fast, easy and efficient trading and trade related activities for multiple asset classes on one service."