Finastra, the third largest Fintech company in the world after combining the forces of Misys and D+H, has acquired Olfa Soft SA and its cutting-edge FX e-trading platform for banks and financial institutions.
Currently offering one of the broadest portfolio of solutions for financial institutions of all sizes, on-premises or in the cloud, by acquiring Olfa Soft, Finastra will now be able to deliver a unique end-to-end real-time eFX trading solution for banks’ treasury departments, covering distribution, position-keeping, post-trade, and payments.
Nadeem Syed, Chief Executive Officer at Finastra, said: “As the FX trading market shifts to automated, machine-to-machine electronic trading, it is crucial that we also evolve our solutions to stay ahead of industry developments and meet our customers’ needs. Bringing Olfa Soft into the Finastra fold enables us to provide treasurers around the world with an innovative approach to eFX trading which is unmatched in comprehensiveness in the market. What’s more, this is our first acquisition as Finastra and signals our commitment to ongoing innovation and growth.
“This acquisition is a great opportunity to build on our expertise, capture significant market share in this space, and retain our position as the leading FX trading system provider. It’s a very exciting time for our treasury and capital markets business”, Nadeem added.
Fabrice Benouaich, Co-Founder and Chief Executive Officer at Olfa Soft, commented: “As FX markets become more competitive with trading increasingly conducted electronically, technology has to keep up with the pace and efficiency the market demands. We already know that our combined proposition works and now we’ll be able to help treasurers take eFX trading to the next level.”
Olivier Virzi, Co-Founder and Chief Operating Officer at Olfa Soft SA, said: “We’re extremely proud of the Seamless FX platform and the competitive edge it affords our customers. This new chapter enables us to combine our offering with Finastra’s leading solutions in this space to deliver even greater insight and efficiency to treasurers. We are thrilled to become part of the Finastra family.”
Based in Geneva, Olfa Soft specializes in the field of trading platform design and integration, providing seamless FX services for the institutional ecosystem. The combined eFX trading solution is already available and will be delivered as a micro-service on the Finastra FusionFabric architecture, adding value for capital markets clients who prefer a cloud-based approach.
Finastra and Olfa Soft have been collaborating since June 2017, but as one combined company, customers can expect even tighter integration of the FusionCapital Treasury solution suite with the Olfa Soft Seamless FX platform. Treasurers are able to manage FX positions and exposures in real-time with a single user experience, providing deeper insight across the entire trade lifecycle and mitigating operational risk end to end. As well as offering direct access to 48 liquidity providers, straight-through-processing (STP) capabilities in the platform mean treasurers can act faster in response to changing market conditions and benefit from a competitive edge where milliseconds count.
