According to AUB senior vice president for treasury Group Antonio Agcaoili Jr., the business application has been evolutionary being the first time it is going to do trading via the Internet.
"This is something that we’ve wanted to do and provide as a value added venue for our products and services," Agcaoili added.
The iTBF system was designed to serve as another distribution channel for AUB’s products and services to further maximize its market reach. With the introduction of the system, AUB is guaranteed of real-time transaction results since it uses the convenience of online trading.
It will also provide online bidding and seamless trading through product outsourcing, inquiries, quoting and negotiating through deliveries and fund transfers.
AUB officials claim that it can now post its prices on a daily basis where global suppliers and buyers can easily access it.
They claim that through the system the bank will have increased number of volumes and transactions that will eventually increase its margins. "In addition to interbank trading, we will have direct access to the foreign exchange requirements of medium and large scale corporations dealing through the Net".