Finastra is adding Seamless FX to its FusionCapital Treasury group of offerings.
Finastra is adding Olfa Soft’s electronic foreign exchange (FX) trading platform Seamless FX to its portfolio of treasury transaction offerings as a result of a recently announced acquisition.
The Geneva, Switzerland-based Olfa Soft offers trading platform design and integration services to facilitate uninterrupted FX services, officials say.
“As FX markets become more competitive with trading increasingly conducted electronically, technology has to keep up with the pace and efficiency the market demands. We already know that our combined proposition works and now we’ll be able to help treasurers take eFX trading to the next level,” Fabrice Benouaich, co-founder and CEO at Olfa Soft, says in a prepared statement.
Vendor officials declined to provide financial details about Finastra’s purchase of Olfa Soft, which was advised by investment bank Rochefort & Associates on the transaction.
Finastra officials do acknowledge that the FX front-office platform provides execution, liquidity distribution, FX risk management, position-keeping, and support for post-trade and payment operations. The move will help Finastra “deliver a unique end-to-end real-time eFX trading solution for banks’ treasury departments,” officials add.
Overall, “the Olfa Soft acquisition enriches the Finastra portfolio with Seamless FX,” Guillaume Spay, solution lead, capital markets and treasury at Finastra, tells FTF News. “Fully integrated with FusionCapital Treasury, our clients will benefit from a fully automated front-to-back solution, from trading to payments, allowing better position management, faster data processing, and better service to their own customers,” Spay says.
The acquisition may not come as a surprise to some as Finastra has been working with Olfa Soft for the past six months. In addition, Finastra officials report that there has been “significant interest from the market” about the two vendors merging their wares.
In response, the two are becoming a combined company that “can ensure even tighter integration of the FusionCapital Treasury solution suite with the Olfa Soft Seamless FX platform,” Finastra officials say. The goal for the combined technologies is to allow financial services firms and other types of clients participating in the FX markets to oversee “FX positions and exposures in real-time with a single user experience … across the entire trade lifecycle and mitigating operational risk end to end.”
Given their prior partnering, the FusionCapital Treasury solution suite has already begun its integration with the Olfa Soft FX platform, Spay says.
“The Olfa Soft platform is fully integrated with FusionCapital Kondor as a result of our collaboration with Olfa Soft since June 2017,” Spay says. “Over the next few months, we will proceed with a complete integration with all components of our FusionCapital Treasury platform,” he adds.
The combined eFX trading solution will be delivered as a micro-service via the Finastra FusionFabric architecture, which exploits cloud computing technologies, officials say. The combination will offer access to 48 liquidity providers, and straight through processing (STP) support.
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