Integral Selected to Launch Wells Fargo's New FX Platform
— System live in under 3 months
— Configured to meet unique liquidity, risk management and customer service requirements
— Integral charged zero upfront costs to Wells Fargo
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Integral Development Corp. (www.integral.com), a leading provider of FX trading solutions and services, announced today it was selected by Wells Fargo & Company (NYS: WFC) , to launch Wells Fargo's new FX pricing service. The platform allows Wells Fargo to electronically access liquidity directly and indirectly from over 50 sources, including market making banks, ECNs and professional trading firms. Under the agreement, Wells Fargo manages its liquidity sources, price-making streams and customer-specific offerings from Integral's hosted administrative tools. Despite a significant number of complex configurations such as creating tailored solutions including trading systems specific to each respective customer segment, Integral delivered the platform to Wells Fargo customers within three months.
"We are proud to partner with a renowned financial institution such as Wells Fargo and provide them with a solution that they fully control," said Harpal Sandhu, CEO, Integral Development Corp. "The strengths of our cloud services and the improved access to the fragmented liquidity of FX markets will ensure that Wells Fargo's customers are getting the best service possible."
Wells Fargo will be able to deliver innovative FX services to its customer base on a fully electronic platform, benefitting from all the efficiency gains including post trade processing (STP). Offering the full life cycle of FX as pre-integrated cloud services hosted by Integral, the solution is a custom-configured version of FX Cloud™, Integral's open FX platform. Wells Fargo is also able to provide rapid and extremely cost-effective deployments for its customers due to pre-existing relationships Integral built with the majority of market participants.
"As Wells Fargo continues to strengthen our FX capabilities, we needed a reliable and effective solution that would ensure the best possible service to our customers," said Steve Godfrey, head of Wells Fargo's Foreign Exchange Ecommerce group. "Integral's ability to customize their technology to our needs, while providing cost savings and time-to-market benefits made their platform a clear choice. We are very pleased with the results."
Integral develops and operates FX Grid®, a global Multi-sided Trading network connecting active market participants with all major sources of FX liquidity. Together with FX Inside Professional™, its real-time EMS, Integral's products represent the intersection of direct market access and algorithmic trading in the foreign exchange markets. Founded in 1993, Integral maintains development, support, and sales offices in Silicon Valley, Chicago, New York, London, Hong Kong, Tokyo, Singapore and Bangalore. Accel Partners is the lead investor in the company. For more information, visit www.integral.com. © 2012 Integral Development Corp. All rights reserved. Integral technology is protected under U.S. Patent Nos. 6,347,307 B1 and 7,882,011 B2, patent pending applications and related intellectual property.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Integral Development Corp.
Matthias Beckmann, 408-542-2448
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