Business
mBank selects kACE Treasury Pricing System for Forward Pricing and Publishing
LONDON, Nov. 10, 2020 /PRNewswire/ -- kACE, a division of Fenics Software Limited, an entity within the BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners,"
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[{"type":"text","content":"LONDON, Nov. 10, 2020 /PRNewswire/ -- kACE, a division of Fenics Software Limited, an entity within the BGC Partners, Inc. (NASDAQ: BGCP) (\"BGC Partners,\" \"BGC\" or the \"Company\") group of companies, today announced it has signed up mBank, the first fully Internet-based bank in Poland, to utilize kACE's treasury pricing system, kACE Treasury, to enable the bank to price and distribute FX products through its e-commerce platform and across the institution.\nkACE Treasury is fully integrated with the bank's existing treasury systems, both proprietary and those provided by third parties, to allow for a seamless workflow solution for its users. \n\"We are delighted that mBank has joined the growing kACE community,\" said Richard Brunt, Managing Director at kACE. \"Since the acquisition of Kalahari, we have invested heavily in our treasury solutions, expanding its pricing capabilities and more importantly the openness of its API's, to allow for seamless publishing to downstream systems and e-commerce platforms. With many clients interacting with their customers remotely, automation of price distribution and robust e-commerce solutions has never been more important.\"\n\"mBank selected kACE Treasury because of the accuracy of its pricing models and experience in integrating these models into existing e-commerce offerings,\" said Rich Winter, Senior Managing Director at Fenics Market Data and Information Analytics Management. \"The model accuracy allows the bank to automate curve construction as much as possible and gives the trading desk the confidence to publish competitive tradable level pricing across a large number of currency pairs, in particular, auto-calculating prices around events in the market was a major factor in the bank selecting kACE Treasury.\"\nmBank will be publishing 54 currency pairs and crosses. \nAbout mBank Set up in 1986, mBank (originally BRE – Export Development Bank) is Poland's 4th largest universal banking group in terms of total assets and 5th by net loans and deposits at the end of June 2020. Servicing 4.7 million retail clients and 27.7 thousand corporate clients in Poland and 979 thousand retail clients in Czech Republic and Slovakia.\nmBank has leading positions in retail, corporate, SME and private banking, leasing, factoring, commercial real estate financing, brokerage, corporate finance and ca...