- Electrolux is the first client to benefit from NFS e-Deal Router application
Stockholm, 15 May 2003, SEB Merchant Banking today announced that following a collaboration with Nordic Financial Systems (NFS), a provider of technical and business integration services to the treasury industry, SEB now offers foreign exchange execution to its corporate clients via their treasury management systems using NFS e-Deal Router. Electrolux is the first company to implement this solution and will achieve a full e-channel/service for FX execution, confirmation and settlement.
SEB's clients can now achieve true straight-through processing (STP) and lower transaction costs. SEB and NFS integrate the information from clients' existing treasury management systems in order to automate FX dealing from back to front office. Back office will reconcile account statements and payment instructions, and automatically generate individual trades.
e-Deal Router allows FX transactions to be executed in real-time between different systems by detecting a possible transaction in the clients' treasury management system and routing and processing them via the Trading Station Interface (TSI).
Niklas Blide, Head of E-TCM Sales, SEB Merchant Banking, comments, "The co-operation with NFS to develop the e-deal router will lead to a more efficient trading and administration process for our clients."
Fanny UndÃ©n, Vice President - Group Treasury Information Systems, Electrolux, comments, "The technology developed by Nordic Financial Systems has given Electrolux greater flexibility when it comes to executing FX trades with SEB. We have been able to automate the flow of FX transactions between Electrolux and SEB, and are benefiting from STP while reducing transaction costs and manual hours."
Magnus Lind, CEO of NFS, comments, "This implementation is one example of how the partnership between NFS and SEB offers a turnkey solution to SEB's e-platform, enabling clients to focus on value-added activities while suppliers co-ordinate the integration."
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