Citigroup has introduced a white label foreign exchange platform that provides financial institutions with an integrated online technology and liquidity solution for clients, sales staff and traders.
Called CitiFX White Label, the platform is intended to meet the needs of mid-sized and regional banks looking to reduce the costs associated with providing their clients world-class foreign exchange products.
The product's modular design allows financial institutions to select the components that best fit their dealing habits.
"It complements our other e-commerce offerings and supports our strategy of providing world-class FX solutions for our clients," according to Vikas Srivastava, global head of FX e-commerce at Citigroup.
CitiFX White label employs trading technology from Integral Development, a Mountain View, Calif.-based capital markets software company.
The platform is hosted and managed by Integral, in accordance with Citigroup standards.
Several customers have already selected CitiFX White Label as their primary e-FX solution.
Integral, which serves over 40 of the largest banks, is owned by ABN AMRO and Bank of America, among others.