Wallstreet FX has been chosen to deliver these benefits to the bank.
Nedbank originally approached nine potential vendors as part of the discovery process, and these nine were then short listed down to three.
After an in-depth evaluation of the technical and functional capabilities, and also as a result of Wallstreet's demonstrable commitment to its clients, the Wallstreet FX solution was chosen to support Nedbank's FX and money market operations, and will be used to provide STP across all products in these areas in all primary locations.
The project will be deployed in phases. The first stage, which will include implementation of FX trade processing from front to back office and all foreign currency money market activities, is planned to be completed within the next twelve months. This will be shortly followed by domestic currency money market operations. Once the platform is live in South Africa, the bank will then begin to roll out the solution at its overseas locations - including the UK and Namibia.
Dan Zulu, head of IT & Projects at Nedbank Capital, commented: "In order to stay competitive in this market, we need to make sure that our IT systems are able to support the bank's broader goals - which like many banks include keeping the costs of doing business down and expanding the products and services we offer to our clients. It is broadly acknowledged that FX trading volumes are growing at an exponential rate, and there is greater pressure to reduce the cost-per-trade. We believe that the Wallstreet FX platform will help us to solve these challenges, as well as reduce operational risk. We were also impressed by Wallstreet's commitment to delivering tangible business benefits to its clients, and look forward to working with the team in the coming months and years."
Gavin Style, managing director, Sales and Client Services, said: "An increasing number of banks are looking for more efficient and effective ways of managing their FX operations with a view to minimising the impact of soaring trading volumes on their bottom line. We are pleased to have been chosen to support Nedbank in this way, and look forward to a mutually beneficial relationship. This deal also emphasises Wall Street Systems' commitment to the South African market, and we plan to build on this success and extend our reach in this region in the future."