As part of the total solution, FinIQ will also help TCB to link the platform to TCB's FX option price provider counterparty via an automated option pricing request for quote (RFQ) and subsequent deal execution. The system will have built-in checks and controls for aspects ranging from product suitability to operational processes. The system will also manage customer correspondence throughout the trade life cycle, capturing standing settlement instructions; performing customer debits and credits via automated interfaces into the TCB core banking system. It will also update bank's treasury risk management system in real-time to reflect the underlying option risk.
"FinIQ systems have been in use in Taiwan for a long time by some large international banks, but TCB is the first local bank to implement FinIQ. Bowie Tan, Country Head for FinIQ in Taiwan said âwe are extremely excited and proud to be working with TCB on this project. The project involves a lot of complex online interfaces with internal and external systems and TCB will have a fully integrated solution within a few months".
"FinIQ is a proven name in the market, the product is off-the-shelf and FinIQ's system integration abilities are held in high regard. In addition to this FinIQ can provide local support from their newly opened Taipei office. Taking all these factors into consideration we have decided to select FinIQ to automate our growing FX linked structured products business. We will see significant improvement in our pricing and processing efficiency, which in turn will allow us to deliver better service to our customers. The new system could also pave the way to newer products in the future.", said Mr. Oliver Chey from TCB.