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Tuesday, 23rd April 2024
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AIB launches online fx service - AIBdealer.com Back  
AIB Corporate & Commercial Treasury will launch its 24-hour online foreign exchange dealing system AIBdealer.com in September.

The web-based service will allow customers to trade online for spot, forwards and foreign exchange swaps.

AIB says the service will be one of Ireland’s first 24-hour web-based trading services from a financial institution for corporate and medium sized companies and will make use of AIB’s international trading room environment. AIB says the online package will provide customers with another channel for their business.

Orders for currency purchases and sales can also be transmitted over AIBdealer.com, which provides an automatic order watch facility, where the dealing system watches the market on behalf of the customer.

The service will be launched across three centres simultaneously - Dublin, London and New York. According to Susan Kelly, marketing manager of AIB Corporate & Commercial Treasury, the launch is a one-solution approach across three centres with the internet hub in Dublin. Although there will be just one site it will be personalized for each market she said.

Kelly said ‘It is the first time we’ve gone global with a product and service over three centres. We very much see this as the way of the future of foreign exchange online trading. We’d expect about 10 per cent of our current customers worldwide to be using this service within a year.’ However the risk management and advice available will not be available in the online service.

John Rice, chief dealer at AIB Corporate & Commercial Treasury said ‘Using the efficiencies of web technology and online market feeds, we can offer competitive solutions and extended trading periods to our business customers.’ AIB estimate that 86 per cent of their dealing customers have access to the internet from their desktops.

AIBdealer.com has been designed to integrate with the other online services including fxcentre.com, johnbeggs.com, and fx3 which provide extensive treasury services for existing customers.

Currently AIB has between 70 and 80 customers who they already deal with online in their other services. According to Kelly these customers are a natural target for the AIBdealer.com project. Registration for the service is going ahead now in advance of the project going live in the second week in September.

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