– SwapsTech today announced that it has signed a Software as a Service Agreement to provide its cloud-based, end-to-end foreign exchange global payment platform, multi-currency accounts and pricing engine to a large regional bank with offices throughout the USA. SwapsTech will deliver leading-edge solutions to the bank’s customers through different channels including API, Business Banking Portal, and Branch Banking Portal.
SwapsTech will provide a full-service implementation of its flagship, industry-leading Foreign Exchange platform FX STAR™ and host the software in its SSAE-16 certified data center, running in a private cloud. SwapsTech’s proprietary plug and play, workflow technology will help the bank plug into other vendor systems and go to market much faster. This solution includes the foreign exchange trading and risk management system FX STAR™ Desk, post-trade processing system FX STAR™ Office, client portal FX STAR™ Web, branch portal FX STAR™ Branch, and multi-currency accounting system MCA STAR™.
“In a market where several decades’ old systems are not living up to ever-changing market expectations, banks are turning to SwapsTech for its state of the art, cutting edge, plug and play solutions, to not only address today’s challenges but also be ready for growing demands and market changes. Our solution will help the bank to streamline the trading and operational processes, with increased efficiency in automated pricing, risk coverage, risk management, payment processing, GAAP accounting, intelligent reporting, and automated end of day processes. With our plug and play technology, integration with other systems become a breeze – all of our clients have gone to market in a matter of few months. We are excited about adding this regional bank to our growing list of clients.” said Booshan Rengachari, Founder & CEO of SwapsTech.
SwapsTech was founded by a group of passionate Engineers and Bankers with a vision to provide cloud-based, plug and play, end-to-end technology solutions, delivering innovation to financial institutions. SwapsTech not only delivers a product but services its client with its vast knowledge of banking experience at global institutions, advising the best market practice, ensuring its client implements the best processes integrating with other systems and provide a better customer experience. Unlike legacy technology platforms that are expensive to maintain and prevent agile response to market conditions, SwapsTech’ clients take back control of their business by quickly implementing, extending, and digitizing the processes. SwapsTech platform is built using proprietary plug & play, and hyper-scalable technology that is not only addressing today’s problem but is also flexible to address tomorrow’s ever-changing landscape.