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BNP Paribas and NatWest have gone live with Dynamic Credit from CobaltFX, a solution that simplifies the allocation of credit for FX transactions between banks and improves access to liquidity. Going live with CobaltFX will allow the banks to manage credit exposures for their respective financial institutions and tackle onerous manual processes as well as broaden market access and control.
CobaltFX founder Andrew Coyne says: “The problem CobaltFX is solving is essentially simplifying and streamlining many of the manual processes tied to allocation of credit which creates challenges for financial institutions.
“Correcting the supply of credit and at the same time deepening the availability of liquidity, CobaltFX’s Dynamic Credit technology ensures that for less credit deployed, there is more liquidity, administrative simplification and, essentially, superior market access control.”
CobaltFX was acquired by United Fintech in late 2022 and subsequently relaunched earlier this year.
United Fintech founder and CEO Christian Frahm says financial institutions are increasingly looking to cut back their reliance on third-party vendors. United Fintech is well-placed to capitalise on this trend, Frahm adds, as the firm offers a number of products “under one umbrella”.
“Our prediction is that we will see many more banks and fintechs follow suit and join each other’s journeys on our digital platform,” Frahm adds.