Velocity Trade licensed Financial Software Systems’ Spectrum Broker and Client Web Portal in August 2011 as an upgrade to its previous foreign exchange (FX) trade management solution. Velocity went live in January 2012 with Phase 1 of the implementation, which provides for leveraged FX trading, for its London-based operations. This initial phase, which included multiple straight-through processing (STP) interfaces and a customised portal for user-driven dealing, account management and reporting was completed in a little more than three months.
In February 2012, Phase 2 saw Velocity migrate over its existing physical FX business. Velocity acquired access to Spectrum under a software-as-a-service (SaaS) model whereby the system is hosted from Financial Software Systems’ hosting centre. The two go-live events each took place over a five-day period and were completed with no interruption to daily operations.
Velocity Trade will benefit from the implementation of Spectrum through a higher level of automation and less manually-intensive work. The solution will be more scalable and will provide more high value, client-centric services oriented towards the dealing, account management and reporting functions. Another benefit of selecting Spectrum was the integration between the functional Client Web Portal and its Spectrum back office. Velocity Trade was looking to the future when selecting a new FX trade management and client portal solution. It chose Spectrum, knowing it would be a scalable solution that would enhance the client users’ experience and grow with their organisation.
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