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Cognotec launches FXall DIRECT
15th April 2002, London: Cognotec, the leading enabler for foreign exchange and money market e-commerce solutions to the financial services industry, has announced the launch of Cognotec FXall DIRECT, its all-in-one connectivity solution for the FXall multi-bank portal. Cognotec FXall DIRECT allows any bank, large or small, to deliver automated prices to its clients through an electronic link to the FXall portal, even if it does not have an existing Cognotec platform.
"Cognotec was an obvious choice as a technology partner for FXall given their technological solutions and success in helping so many foreign exchange banks around the world establish e-commerce capabilities," said Philip Weisberg, CEO of FXall.
Cognotec FXall DIRECT is designed to provide a quick and fully-scalable solution for any bank that wishes to use the FXall portal to provide prices. Due to its ease of implementation, banks that choose Cognotec FXall DIRECT to enable their connectivity to the FXall portal can expect to go live on the system in as little as two weeks, even if they currently do not have a Cognotec platform.
With the launch of the Cognotec FXall DIRECT service, Cognotec is anticipating an upsurge in demand for connectivity solutions to portals such as FXall. "While smaller banks are coming in to the multi-dealer sites because it broadens their market, their larger counterparts are coming in because they can’t afford to be left out," leading market consultants Greenwich Associates recently commented.*
"Cognotec has long been delivering to the financial community the tools to respond to the ever-changing and growing connectivity requirements of the foreign exchange marketplace. Our on-going partnership agreements with Currenex and SunGard as well as with FXall are testament to this. However, the fact that leading players, such as Citibank, JP Morgan Chase and Deutsche Bank, have now joined FXall indicates a surge in demand for fast connectivity to FXall. Our new solution Cognotec FXall Direct meets this need," said Brian Maccaba, Chairman and CEO, Cognotec.
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