Integral, an institutional trading platform provider, announced this Wednesday that it has partnered with Israel Discount Bank in which it will deploy new electronic foreign exchange (eFX) workflow automation and trading technology.
According to the statement published by the platform provider, Integral was chosen as Israel Discount Bank needed a solution for their eFX business, which would allow them to improve flexibility and extend their reach.
In particular, the bank has chosen Integral’s BankFX, an eFX platform that is fully integrated with Open Currency Exchange (OCX). This was due to the platform’s customizable technology, the company said.
Commenting on the partnership, Harpal Sandhu, CEO at Integral, said in the statement: “Working with Israel Discount Bank, we deployed an e-FX solution that was completely customizable and allowed them to deliver a fully bespoke service to their clients.
“We are pleased to extend our partnership with Israel Discount Bank and offer scalable eFX technology to meet their evolving needs.”
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By using BankFX, the Israeli bank has access to a platform that provides full automation of their eFX workflow and gives it the ability to trade with clients over multiple distribution platforms.
Speaking on the announcement, Asaf Pasternak, Head of Capital Markets at Israel Discount Bank, added in the statement: “We partnered with Integral having sought technology that allowed us to differentiate our FX offering through customization and met the high level of service our clients expect.
“Our established partnership with Integral meant we were extremely confident we could extend our use of their network to meet our clients’ trading needs whenever and wherever necessary.”
Integral partners with Straits Financial Group
Towards the end of 2019, Integral announced a similar partnership with Straits Financial Group. As Finance Magnates reported, Straits Financial partnered with the company in order to deploy new eFX workflow automation and trading technology.