Foreign Currency Exchange Corp Manages Deal Confirmations with Lombardi BPM Software

07/22/2009

Lombardi® today announced that Foreign Currency Exchange Corp. (FCE), a member of Bank of Ireland Group, has implemented its award-winning Teamworks® BPM software suite in support of the company’s mission-critical deal confirmations, exception handling and other straight-through financial services processes.

ebizQ received the following:

“The financial services sector is highly competitive and sensitive to global economic conditions. We saw BPM as an alternative application development tool to help us design and streamline processes for the business – only better, faster and in a more cost effective way,” said Vincent Yue, chief information officer at Foreign Currency Exchange Corp. “We looked at a lot of product options and found that Teamworks was the easiest to use and by far the most robust product to help us accomplish those goals.”

FCE provides a broad range of foreign exchange products and services to local and regional banks and to the hospitality industry throughout the United States and Canada. FCE's experience and partnership arrangements include servicing over 450 financial institutions in North America. Its product offering includes the buying and selling of over 90 different foreign currencies, travellers' checks, issue of foreign drafts and the transmission of foreign wire payments.

“Blueprint and Teamworks saved us over 50 percent in the time and effort compared to our previous development approach,” said Valerie Bell, senior manager at FCE. “What traditionally would have taken over a year to develop took us less than 3 months, including training and delivery!”

Pursuing its business goal to become a self sufficient full service provider, Foreign Currency Exchange Corp. tackled an FX spot deal booking process for their initial project, using Lombardi’s “Jump Start” training and mentoring package. FCE uses Lombardi Blueprint™ process collaboration and discovery tool for the up front process analysis and business case efforts.

By implementing its deal confirmation process in Teamworks, FCE estimates it has shortened the cycle time of all deals by about 1 hour per day, providing important increased deal handling capacity and eliminating the risks associated with manual processing.

Another FCE process, dubbed “straight through processing (STP)”, handles highly customised and tailored client specific transactions. Previously cumbersome and time consuming to complete, these deals yielded a high number of exceptions, and demanded an un-proportional amount of man hours to resolve. With Teamworks, exceptions are now automatically routed to specialists for quicker resolution while the non-exception transactions bypass multiple steps in the process, reducing the overall processing time drastically.

FCE is enjoying the benefit of BPM as an important cost reduction tool, since it can now process more transactions in less time and with fewer people, thus creating capacity for continual growth, while the audit capabilities of Teamworks are also geared to provide important regulatory compliance benefits.

"Foreign Currency Exchange Corp. is leveraging BPM as a next-generation application development platform", said Jim Rudden, vice president of Lombardi global marketing. “We’re proud that our products are so quickly and dramatically impacting their process improvement projects.”

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