Oberbank of Linz, Austria, has gone live with Cognotec’s AutoDeal LITE service, making it Austria’s first bank to offer Internet-based FX trading. Oberbank was able to offer its own branded, Internet-based, FX trading service to its clients within five months of its first contact with Cognotec, according to officials.
“We expect our clients to enjoy a number of benefits as a result of using AutoDeal LITE. For smaller transactions [less than Euro 500,000] they will not have to deal with an in-house contact and will be able to carry out deals automatically. They can also take advantage of a 24-hour trading environment – they will no longer have to confine their trading activities,” says Helmut Edlbauer, head of treasury for Oberbank.
He adds that Oberbank, which has 96 domestic branches, hopes to have around 200 corporate customers using service – branded FX NetTrade – within three months.