Fred Goldman
Spot Systems, Inc.
415.982.8150 x216
fredgoldman@spotsystems.com
FOR IMMEDIATE RELEASE
Spot Systems Announces the Availability of the eFX Internet Foreign Exchange Trading and Payments System
The system will enable banks’ customers to transact FX trades and payments over the Web
August 5, 1999
San Francisco, CA.- Spot Systems Inc., the leading North American vendor in treasury and corporate foreign exchange transaction systems, announces a major new product offering - the eFX Internet Trading System with SpotServer, for banks and their corporate clients.
The eFX Internet Trading System provides a bank’s corporate customers with the ability to initiate, track, settle, and confirm Foreign Exchange spot and forward transactions or international payments based on up-to-the-minute market rates using a personal computer in their own offices. The System may also be used by the bank’s correspondents and branches. Moreover, it contains facilities for the customer’s complete management of foreign exchange and payment information.
The eFX Internet Trading System communicates with SpotServer acting as a host at the bank. SpotServer is a sophisticated middleware product that provides security, rate quotations, limit monitoring, and customer information services for the internet trading process, as well as follow-up status reporting of completed transactions. The bank maintains full control of the rates quoted to a customer through a collection of rate and fee schedules, based upon current market rates, tailored by individual customer, customer class, and transaction size. All quotations and executed transactions are sent electronically to SpotServer which records them on a centralized data base so that the bank’s DDA, Wire, Customer Liability, and trading room FX systems have immediate access to the information in real time.
Fred Goldman, CEO of Spot Systems, stated: "Spot Systems is pleased with the extension of our line of electronic remote issuance products into the real-time internet FX trading environment. We think that our development of the product for the Microsoft NT client/server platform keeps pace with the emergence of NT as the dominant client/server architecture in the marketplace."
eFX , as an Internet enabled foreign exchange trading solution, provides straight-through trading between the bank and its clients with an electronic link into the bank’s trading room. Banks can tailor the quoted rates to the type of corporate or correspondent relationship. The tailoring includes tiered rates, fee schedules, and markup schedules for individual customers or customer classes.
eFX enables banks to shift the business emphasis from improving efficiency to enhanced risk, product, pricing, and client relationship management. The file maintenance structure facilitates extensive product management from customer pricing facilities and product volumes.
eFX also provides straight-through processing from order execution to payment and confirmation. The application includes generation of S.W.I.F.T. messages related to the transactions.
Mr. Bruce Nissim, President of Spot Systems, adds: "eFX is positioned to address bank corporate and correspondent client requirements as well as the technology bias rapidly developing for an MS NT Client/Server solution".
SpotServer was designed with a three-tiered client-server architecture and is based on MS Windows NT 32 bit platforms. The product incorporates ODBC compliant databases such as SQL Server.
The Spot Systems solution provides banks and their clients with multiple FX related capabilities. These include the ability to buy and sell foreign currencies, initiate international wire and draft payments, access real-time FX rates, automate FX transactions in an Internet environment, receive electronic settlement and confirmations, and track all FX activity.
Spot Systems Inc. is based in San Francisco with multiple product lines to address trading, processing, and remote trading and payment initiation related to foreign exchange and money markets.
Spot Systems’ products include the following multi-currency trading, accounting, remote issuance, and web enabled systems for both retail and wholesale transactions:
eFX Internet
Trading System
Foreign Exchange
Trading System
SpotServer
Foreign Exchange
Trader Workstation
International
Teller System
Remote Issuance
Systems
International
Loan/Deposit System
Multi-Currency
General Ledger
About Spot Systems
San Francisco-based Spot Systems, Inc. is a leading provider of innovative technology designed to facilitate foreign exchange and international banking services. For more than seventeen years, Spot Systems has been providing software to the international financial community--sophisticated software that addresses the complexities of multi-currency trading and accounting for both wholesale and retail transactions. Since the advent of electronic remote issuance, Spot Systems has also been a leader in solutions allowing customers to originate FX contracts, drafts and wires from their own offices. Products include the Foreign Exchange Trading System, a real-time system for both the trading floor and the back-office; the Multi-Currency General Ledger System; the SpotServer, which operates as the real-time request interface between the Internet-based customer and the bank's back-office trading system; the International Teller System; and the International Loan/Deposit System. Its newest addition to the product line is the eFX Internet Trading System. For more information about Spot Systems and its products, visit www.spotsystems.com or contact Spot Systems at 415-982-8150.