Top U.S. Money Center Banks Scrap Phone Confirmation On FX Deals

TECHNOLOGY

In a move to increase the speed of foreign exchange deal confirmations, a group of 14 of the major U.S. money center and investment banks have agreed to eliminate the duplicate effort of telephone confirmations. Instead, banks will bypass the verbal procedure, turning first to electronic confirmation messages on the Society for Worldwide Interbank Financial Telecommunication (Swift) system.

At a February 9 meeting hosted by Chemical Bank, a group of executives representing, as one bank source