FX technology provider Integral has extended its long-time partnership with Bank of Cyprus, which allows the latter to offer real-time pricing and risk management capabilities as part of the bank’s online banking platform.
Bank of Cyprus has adopted Integral’s SaaS technology for liquidity aggregation, execution, and risk management. This will provide the bank’s retail, corporate, and international banking customers with tighter spreads through real-time pricing services, access to over 45 currency pairs, and instant account debiting and crediting without additional charges.
These services are delivered via a wide range of API formats, enabling quick integration with existing systems. This partnership makes Bank of Cyprus the first Cypriot bank to offer eTrading services through its 1Bank online banking platform to enhance its client servicing capabilities.
Michael Kyrou, Manager of Global Markets & Treasury Sales at Bank of Cyprus, said: “Integral’s advanced technology along with our close working relationship has helped us expand our trading business, supporting the foreign exchange transactional needs of our banking clients in Cyprus. Overall, this contributes to a more seamless client experience, on top of offering highly competitive pricing.”
Harpal Sandhu, CEO of Integral, added: “We are excited to support another leading regional bank with their online banking and risk management capabilities, in a bid to make transactions even faster and more automated. This partnership represents the increasing shift towards use of cloud-based technologies to reduce complexities within banking systems. As banking becomes increasingly digital, Bank of Cyprus will benefit from our dynamic SaaS offering, enabling them to deliver highly configurable embedded FX solutions to their customers.”
On the technology side, Integral has recently upgraded all aspects of the technology stack for its relationship-based trading platform, FX Inside (FXI). The upgraded FX Liquidity aggregation solution addresses the business needs of brokers, banks, institutional and algorithmic trading clients. Specifically, the web-based trading solution is now available through HTML5 browser and mobile devices, and it enables users to offer a single dealer platform (SDP) to their customers.
This actually catches up with a major shift occurring in the FX market demand for SDP platforms driven by customers’ need for asset class diversification, post-trade support, research and market data.
A cloud-based environment included in the solution allows for complete customization, as well as RFS and ESP trading in spot, outrights, swaps, NDFs, precious metals and CFDs.
Furthermore, Integral deployed the latest FX Inside technology within its Open Currency Exchange (OCX), an FX ECN that connects to over 250 liquidity sources including banks, brokers and asset managers. The OTC venue supplies more than 3,000 market-making streams in NY4, LD4, and TY3.
