SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a provider of comprehensive financial services software, has agreed to terms with Old National Bank, to implement and push foreign exchange (FX) trading capabilities for the bank’s clientele, according to a SS&C Technologies statement.
SS&C Technologies has worked with a variety of banking and institutional venues, offering its solutions suite for several venues dealing with multiple asset classes. The new initiative with Indiana-based Old National Bank will help integrate SS&C Technologies’ FX Trading Portal, which helps bring a unified trading solution to banking clients, as opposed to going through a sovereign broker.
As such, Old National Bank will utilize SS&C’s web-based FX trading solution for its commercial, corporate, and institutional customers with direct market access. In a unique offering amongst US banks, clients will also gain access to not just G10 currencies but also a robust basket of emerging markets (EM) currencies, with additional options to spot, forwards, and swaps.
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According to Bob Jones, President and Chief Executive Officer (CEO), Old National Bank, in a recent statement on the agreement: “We selected SS&C’s FX Trading Portal for our Foreign Exchange business because we wanted a modern, scalable platform that would integrate well with our broad range of banking products.”
“Our mission is to deliver unparalleled service to customers. By choosing to work with SS&C, we are delivering on that promise with a client-friendly, web-based solution, in addition to our traditional phone support, to manage foreign exchange exposure on a global basis,” he added.
“The SS&C FX Trading Portal gives Old National Bank a secure, integrated foreign exchange services platform that easily handles real-time, competitive currency transactions. Our proven delivery model and expertise in this space will generate substantial convenience to Old National’s growing customer base,” noted Bill Stone, Chairman and CEO, SS&C Technologies, in an accompanying statement.