9th Gear Technologies Selects CPQi to Support Development of Groundbreaking FX Product
9th Gear Technologies is excited to announce a new partnership with CPQi
TORONTO, Aug. 13, 2021 /PRNewswire-PRWeb/ -- 9th Gear is a FinTech startup with game-changing Foreign Exchange (FX) technology taking settlement times from upwards of 2 days to minutes. 9th Gear optimizes liquidity management by powering FX trades with intraday lending to achieve real time gross settlement (RTGS). The platform fueled by this engine provides transparency, reduced risk, and lower costs to participants. 9th Gear has re-imagined the conventional FX settlement process to one that is real-time, leveraging a private permissioned distributed ledger to digitally transform the $6.6 trillion/day market.
With a focus on digital transformation, predictive artificial intelligence, DevOps and cloud migration, CPQi provides managed services, including building, implementing, & supporting financial markets systems for leading American economies.
9th Gear has selected CPQi to help develop their new technology. Together, 9th Gear and CPQi have created a DevOps Squad; a team of highly skilled development professionals who work in collaboration with one another to ensure the proper and continuous delivery of software and products using Agile methodologies. The purpose of this SQUAD is to deliver the first-generation of the 9G platform. The platform will utilize groundbreaking technology by powering foreign exchange (FX) transactions on a distributed ledger. FX will be the first market to be addressed - with additional capital markets close behind.
A key factor that led to 9th Gear's decision to partner with CPQi is the strong experience level of their leadership teams and a shared emphasis on new and advanced technologies, such as distributed ledger protocols. 9th Gear's CEO and Founder, Maryanne Morrow, has more than 25 years of experience as a corporate veteran of finance, marketing, and advertising. Her expertise in distributed ledger and associated technologies is a major contributor to the success of this new partnership. CEO of CPQi North America, Matt Midson has worked as a senior financial markets executive for over 25 years, working across Tier 1 banks, derivatives, front and middle office and through treasury and capital markets.
Additionally, by partnering with CPQi 9th Gear has been able to rapidly ramp up development resources while simultaneously realizing cost savings.
According to Maryanne Morrow, "I believe that settlement risk is unnecessary and it is the mission of our company to eliminate it. At 9th Gear, we recognize how critically important it is for the foreign exchange industry to adapt to changing technologies and digitization in the coming years. Further, we understand that it is not a 'rip and replace' exercise. Our solution builds upon existing industry infrastructure and processes, making it a simple implementation. Our new partnership with CPQi allows us to seamlessly execute our innovative solution that will have a tremendous impact on banking and the broader financial industry as a whole."
Matt Midson, CEO of North America at CPQi, states, "Our teams at CPQi are constantly seeking new and innovative ideas in the FinTech space. The work that 9th Gear carries out and its overall purpose and mission is extremely exciting and we strongly believe in their ability to revolutionize FX payments. We are very excited that they have chosen us as their delivery partner for their POC. Our combined efforts will undoubtedly result in a massively beneficial solution that reimagines foreign exchange within capital markets as we know it."
Media Inquiries: Lisa Hadrick [email protected]
Media Contact
Terrence Boyland, CPQi Group, +1 +1 437 213 9847, [email protected]
Matt Midson, CPQi Group, +1 (917) 515-1187, [email protected]
SOURCE CPQi Group
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