Financial Technologies launches the region's first BPO centre for brokers

In a move that represents a quantum leap for transaction financial services in the region, Financial Technologies Middle East (FTME), a leading technology enterprise, has announced the setting up of the 'Financial Technologies Centre for Straight Through Processing Services' (FT-CSS). FT-CSS is a high-end technology platform for brokers of stocks and commodities exchanges to outsource their complete trading and back-office transaction processing activities.

Announcing the launch of the first Business Process-Outsourcing (BPO) centre of its kind in the region, Arshad Khan, Director, FTME, has said that the centre brings unparalleled advantages to participants in the transactional financial services industry in the Middle East. "Brokers who sign up for our complete end-to-end Straight Through Processing (STP)-enabled services suite will fully rid themselves of worries about the operational and technical side of their businesses. Not only will they be free to focus full attention on their business, but also cut costs by 50 to 60 per cent as they will not have to spend on technical infrastructure, staffing, software, hardware and maintenance," Khan explained.

"This is a model which is widely prevalent in other countries and has contributed to the growth of the whole industry there. I am happy that we have pioneered this in this region and believe that it will be a essential factor in the next level growth that markets in these region will witness in future", Khan added.

Besides offering a secure platform for transaction processing and creating an interface between the various parties to a trade, the STP solution suite will integrate and automate the processes pertaining to the full trade life cycle: pre-trade, trade and post-trade. Brokers of multiple exchanges stand to gain immensely from the services, as they will be able to centralize their operations on a single platform.

By subscribing to FT-CSS, the brokers will be able to offer their clients online trading via browser, applications and mobile-based front-ends for multiple exchanges. Their dealers and brokers will be able to trade on multiple exchanges using dealer terminals. FT-CSS has strong risk management checks and procedures for ensuring the financial integrity of the brokers and their clients. Post trade operations and accounting functions can also be out-sourced by brokers to FT-CSS. FTME will provide multi-lingual call centre support for any functional or technical queries from the brokers or their clients.

FT-CSS promises a high degree of data security and confidentiality. "FT-CSS is of enormous benefits to brokers of exchanges. It will help us cut our operational and technical costs phenomenally and allow us to concentrate fully on our businesses. We have full confidence in FT-CSS services as its being offered by Financial Technologies which have a decade old reputation in offering similar services to other markets and expertise in setting-up and managing exchanges" said Mr. Piyush Parekh, CEO, Vinayaka Overseas, a member of DGCX.