StoneX Picks Genesis for Digitisation of Middle Office WorkflowsFebruary 11, 2021
StoneX, previously known as INTL FCStone, announced today that it has selected Genesis, a financial markets software provider, to digitise middle-office workflows for its fixed income and equities trading business. The financial services provider is planning to fully automate its middle office operations through its recent selection.
According to the official announcement, StoneX aims to scale its nascent fixed income business and wants to resolve the complex workflows securely through the use of Genesis Low-Code Application Platform (LCAP).
LCAP enables the rapid creation and deployment of applications to meet the traditional automation and simple Business Process Management (BPM). StoneX completed the acquisition of Gain Capital Holdings in 2020, and the firm currently has three major technology providers.
Commenting on the recent selection, Paul Wenman, Head of Business Development EMEA & Asia, StoneX, said: “Genesis LCAP has allowed us to move away from manual time-consuming processes to a fully digital experience, giving us greater control of our operations and the ability to better serve our clients on top of accessing new markets and asset classes. The middle office solution has been so well executed and at such speed that if we had a conversation in the morning, a developer was building out the functionality by the afternoon.”
Strong Finance Results
Finance Magnates earlier reported about strong FX revenues posted by StoneX after the acquisition of Gain Capital. The average daily volume across FX and CFDs jumped significantly during the last three months. The financial firm is planning to digitise its operations with innovative technologies.
“We are immensely proud of our collaboration with StoneX and delighted to deliver yet another innovative application from the Genesis Application Library that is built on the Genesis Low-Code Application Platform. Every firm is under pressure not only to automate their workflows but also to deploy new productivity tools and digital capabilities. This is exactly what our LCAP is designed to deliver, and we are delighted to be playing our part as StoneX continues to grow both its equities and fixed income businesses,” Stephen Murphy, CEO of Genesis mentioned in the official announcement.
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