London 19th March: Cognotec, the leading enabler for foreign exchange and money market e-commerce solutions to the financial industry, has announced a collaboration agreement with Atriax, the multi-bank foreign exchange portal. Cognotec will be offering a new service linking the Cognotec AutoDeal LITE e-commerce platform to the Atriax portal. This interface, when it is launched, will allow the almost 90 banks who have committed to using the Cognotec platform with the option to provide electronic prices to their customers via Atriax.
Atriax is an independent company, established to deliver a multi-bank trading platform and to provide an electronic marketplace for foreign exchange products and related services. The 64 Atriax member banks account for two thirds of the total FX volume dealt by the top 100 banks in the Euromoney 2000 survey.
Across 32 currencies and currency pairs in the Euromoney 2000 survey, Atriax member banks hold at least two of the top three positions in every one and all top three positions in over half.
Cognotec currently has a significant number of AutoDeal LITE clients who are also Atriax members. AutoDeal LITE users will soon have the option to interface seamlessly to Atriax at a very low overall cost. This is because the AutoDeal LITE service and the interface modules are maintained remotely from the bank at the Cognotec service bureau.
"It is our aim that connection to the Atriax portal be open to all professional market participants using robust and proven technology. Cognotec has a reputation for delivering secure, scalable e-commerce enabling trading solutions, so this collaboration agreement is an important step forward for the financial marketplace - especially given the significant number of banks which already have a relationship with both of us," commented Dan Morehead, Chief Executive Officer, Atriax.
"Many banks are deciding to standardise on a single powerful pricing engine to support an increasing array of electronic distribution channels - some proprietary and some multi-contributor portals like Atriax. By working with Cognotec, banks can ensure their connectivity needs are met today and will continue to be anticipated well into the future," said Albert Maasland, Global Head of Marketing with Cognotec.