Over 60 Banks Worldwide Select Cognotec's AutoDeal LITE Trading Service PARIS, May 19 /PRNewswire-AsiaNet/ -- Cognotec, the world's leading provider of foreign exchange and Money Market e-commerce solutions, has earned unprecedented acceptance among the global banking community for its Internet-based foreign exchange trading service AutoDeal LITE. Over 60 banks across the globe have so far selected the service which was launched in 1999. Financial institutions of all sizes and types have tackled the challenges of the new e-commerce revolution by adopting the AutoDeal LITE service benefiting in the process from cost efficiencies and improved functionality for their customers. Fuji Bank became one of the first of the large Japanese Banks to introduce Internet-based foreign exchange trading when it adopted the AutoDeal LITE service in March. Fuji Bank rolled out the service to corporate customers at the beginning of April this year. In the US, Bear Stearns is adopting AutoDeal LITE to implement the bank's strategy of increasing its presence in the foreign exchange markets. The service will form part of the Bear Prime Internet-based prime brokerage suite of tools which will be launched this summer. The efficiencies offered by AutoDeal LITE gives the bank the opportunity to charge clients according to the size of their transactions and so helps to make its services more attractive. Swedish government-owned bank Postgirot also went live on the Cognotec AutoDeal LITE service in April. The bank is an important channel for payments with virtually all Swedish corporations maintaining an account with Postgirot. It is using LITE as part of its wider Internet strategy and has branded its Internet foreign exchange trading service as GiroXchange. Other banks which have adopted the service this year include: UBS, West Deutsche Landesbank, Deutsche Bank in Tokyo, European banks including DG Bank, Swedbank, Hamburgische Landesbank, Oberbank, Okobank as well as North American based RBC Dominion Securities, Scotia Capital, Societe Generale US, Fifth Third and First Union. The Internet-based Cognotec AutoDeal LITE service is quick to deploy and, in its role as an Application Service Provider, Cognotec takes on all implementation, systems monitoring and maintenance. Bank users pay a transaction-based fee and so avoid high up-front licensing costs. John Beckert, Global Head of Sales for Cognotec said: "The high level of acceptance for the AutoDeal LITE service has proved nothing less than a revolution in the way the foreign exchange markets are both accessed and traded. AutoDeal LITE has been rightly identified as an important competitive tool by a large number of banks around the world. They have found they are able to improve their revenues while controlling transaction costs, and offer their internal and external clients an improved level of service, without the risk implications of a high-level, capital-intensive technology implementation." SOURCE: Cognotec CONTACT: John Norris of Moonlight Media for Cognotec, +44-20-7250-4770, or [email protected] Web site: http://www.cognotec.com