Nedbank Capital has appointed Wall Street Systems, the global provider of treasury, trading and settlement solutions and services, to implement its Wallstreet FX solution to support Nedbank’s foreign exchange (FX) and money market operations.
The Wallstreet FX solution will be used to provide straight-through processing (STP) and complete trade lifecycle management across all products in the FX and money markets, in all primary locations.
Dan Zulu, head of IT & projects at Nedbank Capital, says: “In order to stay competitive in this market, we need to make sure 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 the Wallstreet FX platform will help us to solve these challenges, as well as reduce operational risk, improve productivity, and facilitate customer retention and new business opportunities. We were also impressed by Wall Street’s commitment to deliver tangible business benefits to its clients, and look forward to working with the team in the coming months and years.”
Gavin Style, MDirector: sales & client services at Wall Street Systems, adds: “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.”
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 two months.
This will be followed by domestic currency money market operations.
Once the platform is live in South Africa, Nedbank will roll out the solution at its UK and Namibia operations.