EnTie Bank Automates Real-Time FX Transactions in Taiwan with Thomson Reuters
1st RET-AD System to Deploy with Traditional Chinese Interface
Taipei – Thomson Reuters announced today that EnTie Commercial Bank has implemented Reuters Electronic Trading - Automated Dealing (RET-AD) for automating real-time foreign exchange (FX) transactions between retail branches and its treasury function. EnTie is the first bank in Taiwan to leverage the RET-AD system, joining 130 global institutions that use RET to improve operational efficiency for FX transactions.
The RET-AD platform is built on proven, industry standard technologies - powering FX trading in 60 countries, using 16 different languages. The RET-AD system that is being employed by EnTie also marks the first time the platform utilises the Traditional Chinese-language interface, another value-added feature that expands the scope and reach to Chinese-speaking financial markets.
With increasing trading volumes in FX markets and pressure on margins, electronic trading is a cost-effective option for banks. EnTie will lead the way in improving its FX operational efficiency in a banking sector that is being described as “overly crowded” - by the country’s regulator Financial Supervisory Commission.
Commenting on the Thomson Reuters RET-AD system, EnTie’s CEO Jesse Ding: “We have strengthened our competitiveness in recent years via investments in infrastructure and a professional team. EnTie became the first Taiwan bank to offer the RET-AD foreign exchange system to its customers, helping them leverage FX market opportunities. We strive to make this a win-win for our customers with RET through speed and professional customer service.”
Paul Allmark, Global Head of Electronic Trading for Thomson Reuters, commented, “Thomson Reuters has a strong history of helping countries develop their financial markets, so I am particularly delighted that EnTie has become the first Taiwanese bank to use RET-AD to grow its FX business.”
By automating large numbers of trades, RET-AD will free up EnTie sales traders to build customer relationships, focus on complex sales and reduce processing times and errors. Thomson Reuters’ low-latency automated solution will also create more opportunities for the bank to get closer to its customers and facilitate straight through processing to the bank’s back-office system for real time risk management position keeping.
Jeson Liu, Head of Financial Markets of EnTie, also remarked: "Thomson Reuters has an industry-leading electronic trading-platform that is proven and well-rounded. Apart from the ability to simplify the process with its extensive scalability, the RET-AD system also provides a single sign-on interface for a wide range of financial transactions. This will significantly increase our competitiveness in the FX market while better managing risks in today’s volatile financial markets.”
The Thomson Reuters RET-AD, which operates online, allows banks to offer their corporate customers and branches the ability to have direct interaction-increasing performance and client satisfaction. With an independent tried-and-tested system, RET-AD can reduce processing times and errors. It also serves a larger customer base or branch network by increasing the capacity of orders captured online.
About EnTie Commerical Bank
EnTie Commercial Bank (EnTie) is a Taiwanese bank with an extensive network of branches in the heart of downtown Taipei, along with other areas around the island of Taiwan. EnTie offers a wide range of banking services to its corporate and retail customers: such as commercial lending, project finance, mortgage, personal loans, credit cards and wealth management. EnTie is listed on Taiwan Stock Exchange and employs 2,017 people. For more information, go to www.entiebank.com.tw
About Thomson Reuters
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. For more information, go to thomsonreuters.com.
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