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July 8, 2009

Nedbank’ Foreign Loans, Deposits Move To Wallstreet FX

The bank selected Wallstreet FX last year after a competitive tender

By CBR Staff Writer

Wall Street Systems (Wallstreet) has announced the go-live of the infrastructure to support Wallstreet FX, its currency and back-office trading and settlement solution, at South Africa’s Nedbank. The bank selected Wallstreet FX last year after a competitive tender. Now the bank’s foreign loans and deposits are added to the products traded on the Wallstreet solution.

Wallstreet claimed that it is implementing the technology using a service-oriented architecture, that is starkly in contrast to the traditional approach. Nedbank said that it chose Wallstreet FX to improve processing efficiencies, reduce operational risk and deliver the range of currency and money market services to its customers.

Tony White, Managing Director, Wall Street Systems, said: “We are seeing a number of regional and super regional banks with growing customer demand for FX services, and in many cases investment in the platform is the quickest route to improved profitability and superior service. This implementation has been exceptionally smooth and a credit to the close working relationship between the teams in Johannesburg.”

Wallstreet is a privately held corporation, majority owned by Warburg Pincus, a global private equity investor.

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Wall Street Systems (Wallstreet) provides solutions for workflow, control and overall productivity for corporate treasury, bank treasury, central banking, FX trading and global back office operations.

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