The existing system was replaced with TwoFour based on a number of reasons. Some of the key drivers included a need for improved STP, more flexibility, improved functionality and workflows and the ability to support increasing FX volumes. The group was also seeking a software solution to support deal capture of FX spot, forwards, swaps, FX options and NDFs, perform risk and credit analysis, provide P&L analysis and reporting as well as supply trade confirmation, netting, settlements, payments and accounting. The platform needed to immediately offer FX with the ability to incorporate other products in the future. Confirmation matching was also a critical component that TwoFour offered, which allowed increased volumes with no manual intervention for matching confirmations and releasing payments.
âTwoFour enables us to trade new instruments, eliminate errors from manual processing, cut costs, achieve compliance and handle increased volume, âsaid a head of operations at the company. âThe solution also has the scalability that will be required as we continue to grow and expand globally.â
âThis successful project, again proves that TwoFour easily integrates into very complex systemsâ infrastructures in a seamless manner,â said Chris Davis, co-founder and global head of sales at TwoFour. âUnderstanding the requirements and timeframes allowed TwoFour to accurately estimate the time and effort required to deliver this front through back office FX and FX options solution on time and on budget.â
Said a senior executive from FX department, âNot only does TwoFour have a proven track record of delivering successful projects within our organization, but they are also recognized experts in the FX space. TwoFour is able to customize and tailor workflows and automate a multitude of processes, which allows for optimized STP. Also, TwoFourâs highly configurable nature in regards to screen set up, user preferences and overall layout far outshines alternative vendor offerings.â