Citibank worldwide securities services has launched AutoFX, a web-based, automated foreign exchange service it claims is the first system to link custody and foreign exchange.
According to Sunil Daswani, product manager for AutoFX, clients need give Citibank a single instruction, it will then settle the deal and book foreign exchange to cover it. AutoFX allows users to book foreign deals on securities trades on either a contractual or settlement date.
Users may also request an FX prices before accepting to deal with Citibank.
“This is the first system of its kind which is a full end-to-end service between our custody and foreign exchange systems… we don’t believe our competitors offer such a system with straight through processing,” says Daswani. “Our clients wanted us to book foreign exchange on their behalf and we wanted to build something automated and error free which is what this system aims to do.”
Users can access 40 markets to book foreign exchange from any one currency to another. Subscription is free and the whole process only takes two days.