Comerica Selects Magnet Communications Foreign Exchange Trade Solution

Monday 17 November 2003 05:00 CET | News

Comerica Bank, has selected Magnets Internet foreign exchange trade solution to enable its customers to better manage and conduct foreign exchange transactions.Offered through Magnet partner Spot Systems, a leading provider of innovative technology designed to facilitate foreign exchange and international banking services, foreign exchange trade will provide a more comprehensive solution and increased straight through processing for Comericas existing foreign exchange operation. Magnets foreign exchange trade solution, working in conjunction with Spot Systems SpotServer product, is designed to manage requests for real-time foreign exchange quotes by business customers, support interactive trader intervention when necessary, and provide a feature-rich utility that will enable Comerica customers to better manage their resulting foreign exchange contracts. All Internet transactions handled through Comerica eFX are submitted to Spot Systems SpotServer, a sophisticated middleware product that provides security, rate quotation, and limit monitoring capabilities during the Internet trading process, with follow-up status reporting of completed transactions after execution. SpotServers functions include delivering customized foreign exchange rate quotations to customers based upon real time rate feeds, allowing full control of rate quoting services, enabling dealer quoting intervention when necessary, monitoring and reporting Web-based transactions.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech

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