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Cognotec’s FXall CONNECT set to become ‘connectivity enabler of choice’ for forex banks

16th February 2001, London: Cognotec, the leading enabler for foreign exchange and money market e-commerce solutions to the financial industry, has announced a new service which allows banks to interface quickly and easily to the FXall platform. The Cognotec FXall CONNECT service allows banks to connect directly to the FXall platform using the Cognotec AutoDeal LITE trading service.

FXall CONNECT is the first of a number of optional portal connection modules available as add-ons to the Cognotec AutoDeal LITE service. These modules will form a complete toolkit to enable banks to connect to proprietary or multi-member execution platforms in the future.

FXall was launched in June of last year by an alliance of many of the world's leading foreign exchange dealers globally. The FXall technology team began working with Cognotec in November to facilitate the rapid connectivity of the many banks using the Cognotec AutoDeal LITE service to the FXall platform.

Banks not currently using AutoDeal LITE can now adopt an easily implemented ASP-based solution for providing fully automated prices to their customers through FXall. This is because AutoDeal LITE requires minimal technical infrastructure at the bank’s site. The sophisticated electronic price engine and associated service is maintained at the Cognotec service bureau. It is therefore quick and easy to establish a maintenance-free connection direct to the bank’s customers, its branches or multi-member platforms.

"Banks are required to interface to a growing number of electronic platforms in order to efficiently distribute their services to their various customer franchises. FXall CONNECT is the first of a number of optional modules which will eventually allow Cognotec AutoDeal LITE user banks to offer connectivity to a comprehensive range of electronic distribution channels including proprietary and external platforms. It is a clear demonstration of our commitment to ensuring that AutoDeal LITE provides a connectivity solution to multi-contributor market places or portals in addition to our existing proprietary channel offerings. This new service is another indication of our commitment to serving the e-commerce needs of the banking community both today and in the future," commented Albert Maasland, Global Head of Marketing at Cognotec.