Swedbank, one of the largest banking groups in Scandinavia, has gone live with AutoDeal LITE, the Internet-based FX dealing service from Cognotec. The bank was able to automate its foreign exchange trading in just four days, say officials.
Swedbank has implemented AutoDeal LITE to facilitate foreign exchange trading between Swedbank Markets and the bank’s domestic branch network. However, plans to roll the system out to other users – including corporates and Swedbank affiliate banks in the Nordic region. Swedbank hopes to eventually deliver all of its products via the Internet.
Jan Tradgardh, senior vice president of FX and options at Swedbank Markets in Stockholm says that transactions have been processed through AutoDeal LITE without dealer intervention in 99% of cases. “It would have taken at least a year for us to develop our own system,” notes Tradgardh.
AutoDeal LITE allows banks to offer branch and corporate clients their own branded, fully automated foreign exchange and money market dealing service. Clients access the bank via a Web browser. Fees are charged on a transaction basis.
Swedbank’s customers are primarily private individuals, local companies, municipalities, county councils and a number of large corporations. The group’s services are focussed on savings and investments, housing and financing, and payment transfer services.
Swedbank Markets is one of Sweden’s leading dealers in equity, currency and money market trading, and offers financing, asset management, provision of risk capital, foreign currency credits, and cash management services.
Swedbank (FöreningsSparbanken) is one of the largest banking groups in the Nordic countries with total assets of about SEK720 billion, about 11,700 employees and a capital base of about SEK33 billion.