FinIQ's track record in the market supporting multi-country businesses, ability to distribute structured products at a retail level and the availability of ready toolkit supporting complex system interfaces made ANZ choose FinIQ
(PRWEB) May 13, 2010
FinIQ today announced that ANZ has chosen FinIQ as its trading and distribution platform for its FX structured products business. ANZ will become FinIQ’s first customer in Australia as the company expands beyond its Asian customer base.
Some of the key reasons ANZ made this decision were based on FinIQ's track record in the market supporting multi-country businesses, their ability to distribute structured products at a retail level and the availability of a ready toolkit supporting complex system interfaces.
Prior to the decision to proceed, FinIQ implemented a successful “Proof of Concept” pilot for ANZ which included development of system interfaces. The production implementation will support Dual Currency Investments (DCI) as well as other FX linked variations based on options strategies.
The implementation will automate the bank's FX option linked structured products business, improving pricing and processing efficiency. The solution is web based and will cover ANZ’s retail and private banking operations, initially in Singapore, Hong Kong and Taiwan with a global roll out to follow. The system will be installed in Melbourne and will be hubbed into the bank's global FX options dealing desks.
John Atkinson, Managing Director of FinIQ Solutions AG/Ltd said “we are proud to have ANZ as a customer and be part of the bank’s regional expansion strategy”.
FinIQ's principal offering is a best-of-breed option linked structured products solutions. The FinIQ System supports products such as Dual Currency Deposits, Equity Linked Notes, Principal Guaranteed Deposits, Range accruals, Forward accumulators, complex Structured Tranche Notes as well as simple FX spot, Forwards and Options. The FinIQ System is being used by banks world-wide, empowering their relationship managers, improving pricing efficiency and customer service, reducing per-transaction processing costs and growing banks trading volumes.