Western Union, Eastern Direction: Payments Firm Adopts FENICS System To Extend Range Of FX Products To European Clients

Western Union Business Solutions has today entered into an alliance with US risk management and STP component provider FENICS Software

As part of FENICS Software’s steady diversification into other areas of FX risk management along with expansion into international markets, the firm has today announced that Western Union Business Solutions has licensed the firm’s pricing and risk management solution, FENICS Professional, to enable it to extend increased foreign exchange products and services to its European clients.

In terms of functionality, this will enabe Western Union Business Solutions to utilize FENICS risk management and STP components to control, monitor and oversee a comprehensive range of FX option trading and lifecycle management from one single interface.

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This new agreement adds to existing services that FENICS has been providing Western Union Business Solutions in other markets.

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As recently as March this year, the firm entered a corporate alliance with post-trade processing firm Traiana in order to integrate the FENICS Professional risk management system into two networks, in order to further develop its solution for counterparty clearing and trade repository connectivity in the advent of the new trade reporting rules under the Dodd-Frank Act, which will apply to North America and subsequently Europe under MiFID.

At that time, FENICS also demonstrated its wish to build further on its European market share and to add to the services that it provides on the continent.

As far as the alliance with Western Union Business Solutions is concerned, FENICS Professional will provide the European arm of the payment solutions firm with various bespoke customizations such as mirror ticketing for booking internal trades, multi-lingual client confirmations and internal ticket identifier reporting that will support its efforts to bring new product offering to clients.

Richard Brunt, Managing Director of FENICS made a corporate announcement on the alliance: “We are delighted Western Union Business Solutions has chosen to use our software in Europe. FENICS has been working with Western Union Business Solutions for seven years and we have developed an excellent relationship during that time. We look forward to supporting their European team as they work to expand the products they are able to offer customers.”

Tony Crivelli, Vice President, Global Options Strategy at Western Union Business Solutions further commented: “Our first priority is to bring best in class service to our clients. We are expanding our product set to meet growing needs around the world, which is why working with the right partners is crucial. We have been using FENICS Professional in other markets with great success, so it was a natural step to expand our relationship to Europe as well.”

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