The Australia and New Zealand Banking Group Ltd (ANZ) has announced plans to distribute and trade its FX structured products using FinIQ's structured product system.

ANZ said the deal would automate the bank's FX option linked structured products business, improving pricing and processing efficiency. The solution is web based and will cover ANZ's retail and private banking operations, initially in Singapore, Hong Kong and Taiwan with a global roll out to follow. The system will be installed in Melbourne and will be hubbed into the bank's global FX options dealing desks.

Since its expansion outside its traditional Asian customer base, ANZ is FinIQ's first customer in Australia.

In a statement, ANZ said FinIQ was chosen based on its track record in the market supporting multi-country businesses, their ability to distribute structured products at a retail level and the availability of a ready toolkit supporting complex system interfaces.

Prior to the decision to proceed, FinIQ implemented a successful "Proof of Concept" pilot for ANZ which included development of system interfaces. The production implementation will support Dual Currency Investments (DCI) as well as other FX linked variations based on options strategies.