Shinhan Bank said on Tuesday it has newly introduced its non-face-to-face foreign exchange trading platform, Shinhan eFX, for corporate clients after revamping it into a web-based service.

Shinhan eFX is a specialised foreign exchange platform that allows corporate clients to check real-time exchange rates online and execute foreign exchange transactions. It provides transactions needed across corporate FX operations, including immediate settlement (TOD), spot FX (TOD/TOM/SPOT), forward FX, MAR and FX swaps.

The key change is converting eFX from an add-on service within existing corporate internet banking into a standalone platform. Shinhan Bank enhanced functions so orders can be executed immediately based on real-time quote collection and an automated pricing engine. It also fully introduced netting settlement and forward maturity management functions.

Netting settlement is a method that sums or offsets multiple transactions in the same currency and the same settlement account and settles only the net difference.

The bank said one-stop processing is available for multi-stage settlement of previously executed transactions, extensions of forward maturities and early fulfilment, improving convenience for corporate finance managers. It said corporate clients can check real-time exchange rates for multiple currencies and quickly execute FX transactions on the platform without placing orders by phone.

A Shinhan Bank official said it has moved beyond an add-on service within corporate internet banking to introduce a specialised foreign exchange platform. The official said the bank will raise corporate clients' FX risk management by one level through differentiated functions, including support for real-time transactions, forward maturity management and integrated netting settlement.