Banks Trial Finteum Platform for Intraday FX Swaps and Repo

Treasury and technology teams from fourteen large banking groups, including NatWest Group, BNY Mellon’s corporate treasury function, Barclays, Citi and 10 additional banks have trialled a platform by London-based fintech Finteum. The solution helps banks to manage intraday liquidity through the development of new interbank markets. The platform will go live in 2023 according to a story in MarketsMedia news. The platform enables payment-vs-payment intraday FX swaps as well as delivery-vs-payment intraday repo transactions. The banks were headquartered across Europe, North America and Asia and were joined by representatives from national prudential authorities and liquidity experts from UK Finance, the collective voice for the banking and finance industry, who observed. The combined balance sheets of the participating banks was $19.8 trillion – among the largest group of banks ever to trial a new piece of market infrastructure. Three large European banking groups, a subset of the 14 that participated in the trial, have already committed to go live on the Finteum Platform in Q2-Q3 2023, with real-money test trades expected later in 2022. These so-called ‘Key Participant’ banks also help to influence the development priorities of the Finteum initiative. Other banks are assessing participation to become Key Participants following this latest trial, and the opportunity is open to all banks.