London and New York – November 21, 2012 – Progress Software Corporation (NASDAQ: PRGS) and Caplin Systems Ltd. have today announced they are partnering to provide a fully-integrated, end-to-end FX e-commerce solution for Jyske Bank, one of Denmark’s largest banks.
The solution replaces Jyske’s existing white label e-commerce solution and extends Jyske’s current deployment of the Progress® Apama® Capital Markets Platform for FX liquidity aggregation and smart order routing. Expected to go live in the second half of 2013, the solution will initially support some 200 institutional traders and will be rolled out to Jyske’s retail clients in due course.
By overhauling its eFX solution with this new single dealer platform Jyske Bank will provide an exceptional trading experience for its institutional clients across FX spot, forwards and swaps. The bank has selected Caplin Trader, an HTML5 front end that runs on the Caplin Platform, for end-user delivery. The Caplin solution will seamlessly integrate with Progress Software’s Apama Capital Markets Platform to provide a bird’s eye view of aggregated FX markets in real-time and perform smart order routing, real-time pricing of spot and derivatives, auto-hedging and more.
- Jyske Bank’s Head of Department – FX, Interest rates & Commodities, Lene Papsoe, explained the reason behind the move: “We see our eFX offering as strategically important to the growth of our business. Our new platform will mark us out as a market leader in the rapidly growing online trading market.”
- “Progress Software’s Apama solution is already powering our online pricing engine and, having evaluated several web delivery technologies, we decided Caplin was the perfect fit for this project,” continued Lene Papsoe. “Both technologies combined provide a sophisticated framework allowing us to differentiate ourselves in the market and on board multiple asset classes as our business evolves. That this solution will work just as well on mobile platforms, and so future-proofs the business, was also a deciding factor for us.”
- On the deployment Dr. Richard Bentley, Vice President, Capital Markets at Progress Software said, “Partnering with Caplin to deliver this solution is a natural choice for us, as we both attract customers with very similar profiles – banks that require proven technology, but want the freedom to tailor their solution to support their brand and to scale as their business grows. We expect this venture with Jyske Bank to be the first of many.”
- Paul Caplin, CEO, Caplin Systems summed up, “Jyske Bank is a forward-looking organisation with a big focus on client relationships, and it is now looking to extend its outstanding client service into e-trading. By picking two highly compatible and best in class technologies Jyske bank is effectively leapfrogging its peers to provide a next-generation trading service.”