May 10th, 2010, Melbourne
FinIQ today announced that ANZ has chosen FinIQ as its trading and distribution platform for its FX structured products business. ANZ will become FinIQ’s first customer in Australia as the company expands beyond its Asian customer base.
Some of the key reasons ANZ made this decision were based on FinIQ's track record in the market supporting multi-country businesses, their ability to distribute structured products at a retail level and the availability of a ready toolkit supporting complex system interfaces.
Prior to the decision to proceed, FinIQ implemented a successful “Proof of Concept” pilot for ANZ which included development of system interfaces. The production implementation will support Dual Currency Investments (DCI) as well as other FX linked variations based on options strategies.
The implementation will automate the bank's FX option linked structured products business, improving pricing and processing efficiency. The solution is web based and will cover ANZ’s retail and private banking operations, initially in Singapore, Hong Kong and Taiwan with a global roll out to follow. The system will be installed in Melbourne and will be hubbed into the bank's global FX options dealing desks.
John Atkinson, Managing Director of FinIQ Solutions AG/Ltd said "we are proud to have ANZ as a customer and be part of the bank's regional expansion strategy".