Cognotec, a supplier of foreign exchange dealing technology, says that Scotiabank has adopted and deployed Cognotec’s AutoDeal+ trading platform in Mexico and is utilising the platform to deliver a new automated FX trading service to its clients.
Scotiabank's operations include a network of over 500 branches across Mexico, making its Mexican subsidiary amongst the top 10 banks in that country.
Scotiabank has gone live with Cognotec AutoDeal+. Branded as ScotiaFX.com, the platform is offered through Scotia Capital to deliver real-time foreign exchange prices to its commercial and corporate client base across Mexico. The platform will now provide web-based pricing and deal execution across virtually all currencies, instruments and price formats, the firm says.
"We have been able to quickly leverage the benefits of a proven web- based FX pricing engine to provide fast, consistent FX pricing to our corporate and commercial clients," says John Nicholson, director of foreign exchange, Scotia Capital Mexico. "With the Cognotec AutoDeal+ platform, our clients can enjoy real-time FX price updates and improved internal workflow due to the ease of importing trade data into their own internal applications. It has enabled us to further enhance the level of customer service to our clients," he continues.
"The benefits of automated foreign exchange dealing are being witnessed across the globe and are changing the landscape of the foreign exchange markets and more importantly, the way banks interact with their clients. For international banks, the advantages already enjoyed by Scotiabank are available using a cost- effective and robust institutional solution like Cognotec AutoDeal +," comments Mike Thrower, head of sales and marketing, Cognotec.