Bank of Cyprus has extended its partnership with Integral, a currency technology provider, to offer real-time pricing and risk management capabilities as part of the bank’s online banking platform.
Bank of Cyprus’ Partnership with Integral
Announced today (Tuesday), the Cypriot bank has tapped Integral’s SaaS technology for liquidity aggregation, execution, and risk management. It expects its retail, corporate, and institutional customers to benefit from tighter spreads through real-time pricing services. The bank will offer access to more than 45 currency pairs and instant account debiting and crediting without any additional charges.
“Integral's advanced technology, along with our close working relationship, has helped us expand our trading business, supporting the foreign exchange transactional needs of our banking clients in Cyprus,” said Michael Kyrou, Manager of Global Markets & Treasury Sales at Bank of Cyprus. “Overall, this contributes to a more seamless client experience, on top of offering highly competitive pricing.”
A Strategic Partnership
The press release shared with Finance Magnates further highlighted that the latest partnership made the Bank of Cyprus the first bank on the island to offer eTrading services to its clients as part of its 1Bank online banking platform. The services have been made available with a broad range of API formats.
“This partnership represents the increasing shift towards the use of cloud-based technologies to reduce complexities within banking systems,” said Harpal Sandhu, CEO of Integral. “As banking becomes increasingly digital, Bank of Cyprus will benefit from our dynamic SaaS offering, enabling them to deliver highly configurable embedded FX solutions to their customers.”
Established in 1993, Integral primarily provides cloud-based SaaS FX workflow solutions and targets a broad range of buy-side forex market participants, including banks, brokers, asset managers, and hedge funds.
Earlier this year, the company raised $30 million in growth financing from Canada’s Vistara Growth for business expansion. Last year, it expanded into crypto by launching industry-specific technology solutions. It developed the crypto services in partnership with Mint Exchange, an institutional crypto exchange. The services include aggregation and connectivity to liquidity providers, desktop and mobile client trading, risk management, and hot and cold storage custody solutions.
