Industry updates: Western Union, FXAll and ILQ

FXall opens Mumbai office FXall, the world’s leading electronic foreign exchange platform, today announced the opening of a new office

FXall opens Mumbai office

FXall, the world’s leading electronic foreign exchange platform, today announced the opening of a new office in Mumbai, India, expanding its growing presence in Asia-Pacific and globally. The office will be staffed by Giles Castelino as Director – Sales and Jaison D’souza as Relationship Manager.

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Phil Weisberg, CEO at FXall commented: “Our expansion into India emphasizes the growing importance of Indian customers and the impact the region is having on the global FX market. By opening an office in Mumbai and becoming an accredited FEDAI (Foreign Exchange Dealer’s Association of India) member, we are reinforcing our commitment to fully comply with the new FEDAI guidelines to provide members with integrated access to the best foreign exchange liquidity available. We have seen a tremendous evolution of forex trading in India recently and believe that the Indian foreign exchange market is poised for exponential growth in the months and years to come. Our new Mumbai office will play a significant role in FXall’s ability to service our clients in India as well as to better serve our global client base.

Western Union puts FX on the smartphone

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The Western Union Company (NYSE:WU), a leader in global payments, today announced the launch of a new foreign-exchange (FX) payment service that will enable small and medium-sized enterprise (SME) business clients to make payments from their smartphones.

The new mobile-friendly payment service is now available in countries where Western Union currently offers online payment and FX services through its Business Solutions division, including the United States, Canada, the United Kingdom, Germany, Italy, France and Australia.  The new mobile service is designed for busy professionals and offers an intuitive interface for customers making international business payments. The service, which offers more than 140 currencies to choose from, allows users to make payments to suppliers in global markets anywhere, anytime, and lock in a currency-exchange rate and fee before transferring funds.

Institutional Liquidity licenses TwoFour FX Back Office

TwoFour, a leading provider of global real-time FX, treasury cash management, limit monitoring and order management solutions today announced that Institutional Liquidity (ILQ), a new addition to the burgeoning Retail Foreign Exchange Dealer (RFED) market has licensed TwoFour’s FX Back Office.

ILQ is a U.S. domestic company and Futures Commission Merchant that has entered the foreign exchange market as an RFED, providing banks, FCMs, brokers, dealers and corporations access to the FX market. ILQ will use TwoFour to manage all of its FX Back Office processing across the enterprise as well as for trade capture, position management, P&L, shared reference data, settlements, revaluation, allocations, multicurrency accounting, reporting and more.

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