Bank of America launches new STP platform, FXtransactâ„¢

Bank of America’s new FXtransact platform enables clients to STP transactions dealt by telephone (advisor), on-line, and from a major multi-bank portal. "Our clients were telling us that STP was the key to achieving operational efficiency," said Beau Cummins, Head of Global Foreign Exchange, "but no one seemed to be offering a truly integrated STP platform. We set out to meet that objective."Until now, most platforms focused on offering STP for trades dealt on-line. FXtransact, delivers a full STP solution for confirming and settling all trades, plus the usual features of a comprehensive on-line platform including reporting, user administration tools, upload and down loading of files and trade splits. This combination of functionality and STP makes FXtransact unique in the marketplace. A white label version of the product is also available to institutions interested in outsourcing foreign exchange....continued

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