SwapsTech, the leading Foreign Exchange software solution provider, today announced the release of FX Sales & Trading softbot – a software robot that automatically captures market rates, adjust for volatility, add sales commission and intelligently covers the risk without manual intervention.
“Human mind is a very powerful system and it always seeks a challenge. When the tipping point of repetitive activity leads to clerical errors due to lack of focus, it is time to automate these tasks through the use of a decision making Robot. Creating the proper workflows allows for people to be engaged in the decision making process but not when the answer can be systematically obtained through the Robot. The result is that careless errors are removed, processes are streamlined and operational, regulatory, compliance and reputational risks are removed” said Booshan Rengachari, Founder & CEO of SwapsTech.
“At SwapsTech, we continue to challenge our engineering teams to assist our clients become more engaged with their business activities, and allow them use their time for more client focused activities instead of low value tasks. Our commitment to innovation is unparalleled and we are excited about the cost savings and operational efficiency this softbot will bring to our clients” added Murthy Balusu, CTO of SwapsTech.
“Having been a trader, I am very excited about this software robot for our clients. A trader’s time is important and it needs to be utilized in the markets and currencies where the risk requires the trader’s attention, but not in covering back to back risk. Small and mid-sized banks have limited trading resources. When critical resources are required for other activities, institutions cannot allow the business to be affected. Further, the robot enables banks to continue to support customer requests during non-business hours when the foreign exchange market is active elsewhere. Our new solution enables trading departments to generate new revenues by providing trading opportunities through the Robot as the traders can direct the Robot how, when and where to cover and allowing the robot to take control from that point.” stated Peter Ro, Director of Products at SwapsTech.
SwapsTech is based in Charlotte, North Carolina and was founded by a group of passionate Capital Market Engineers with a vision to provide a cloud-based, end-to-end Capital Market Technology Solutions delivering innovation to financial institutions. Unlike legacy technology platforms that are expensive to maintain and prevent agile response to market conditions, SwapsTech’ clients take back control of their business by quickly implementing, extending, and digitizing the processes. The SwapsTech platform is built using proprietary plug & play, and hyper-scalable technology that is not only addressing today's problem but is also flexible to address tomorrow's ever-changing landscape.