London, 6th January 2003; Cognotec, the world’s leading provider of online dealing solutions, has consolidated its position as the banking industry’s foreign exchange connectivity provider of choice with the announcement that leading Benelux institution Fortis Bank is to use Cognotec FXall CONNECT (FXall CONNECT) to deliver prices to clients via the FXall multi-bank dealing platform.
FXall CONNECT is one of a number of optional connectivity components available as part of Cognotec’s suite of automated trading and connectivity solutions. Continual research and development by Cognotec ensures that banks can connect seamlessly to their branch network, global client base, back office and multi-bank and proprietary execution platforms.
Fortis Bank, one of the top 40 banks in the world, has been using Cognotec’s market leading suite of automated dealing products since 2000. Cognotec’s AutoDeal LITE powers its 'Click 'n Deal' online trading service used by the bank’s client base of corporates, small and medium-sized enterprises and correspondent banks. 'Click 'n Deal' has enjoyed very strong take-up among clients.
In addition to adopting FXall CONNECT, Fortis Bank is planning to roll out AutoDeal LITE in Hong Kong to connect that dealing operation with the bank’s head office in Brussels. Cognotec solutions are already in place in the Netherlands, UK and US.
Roger Rosier, in charge of e-initiatives within Global Markets at Fortis Bank said: "We were among the first banks in the Benelux region to offer online trading; this was enabled not only by Cognotec’s leading edge technology but also their understanding of the way the foreign exchange industry is developing. Using FXall CONNECT we can quickly and easily provide our clients with yet another way to access our foreign exchange services – while continuing to enjoy the efficiency benefits offered by automating the dealing process."
"Banks are increasingly providing their clients with greater access, price transparency and ease of use. Fortis Bank’s adoption of FXall CONNECT is a clear example of the foreign exchange industry’s need to be able to deliver prices via as many dealing channels as possible. Fortis Bank’s clients have already benefited from streaming rates, greater availability of prices and have also been able to reduce market risk. Now they will also be able to access the bank via the FXall multi-bank dealing service, as Fortis Bank continue to expand the range of electronic FX delivery channels available to its clients." commented Anoop Sonpar, Global Head of Account Management, of Cognotec.
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