Sweden's SEB Merchant Banking is using technology from local vendor Nordic Financial Systems to enable its corporate clients to execute foreign exchange transactions via their treasury management systems.
SEB has been working with Nordic Financial Systems to develop NFS e-Deal Router application which detects and routes FX transactions from a clients treasury management system to the bank's online trading engine, Trading Station Interface (TSI), where transactions are processed.
The bank says corporate customers can now achieve both straight-through processing (STP) and lower transaction costs. About 40% of the bank's corporate currency transactions are conducted via its Internet-based Trading Station.
Niklas Blide, head of e-tcm sales, SEB Merchant Banking, says: "The co-operation with NFS to develop the e-Deal Router will lead to a more efficient trading and administration process for our clients."
Electrolux is the first corporate customer to implement the application and the firm now has a complete execution, confirmation and settlement STP service for its FX transactions. Magnus Lind, CEO of NFS, says the implementation is one example of how the partnership between NFS and SEB offers a turnkey solution to the bank's platform.