Quilium has entered the B2B applications solutions provider space with a Web-based system for processing foreign exchange transactions. Quilium was formed to deliver a Web-based system robust enough to process transactions for the world’s largest financial market – foreign exchange.

Banks and brokerages can use eDealer to streamline and lower the cost of FX trading, while also offering corporate customers the convenience and ease of 24×7 browser-based access. As an e-commerce or e-finance solution, eDealer works as an embedded API that conducts the currency exchange for making cross-border purchases or investments.

Optional clearing and confirmation services are also offered through Quilium’s partnership with CrossMar, the Citigroup subsidiary that already provides direct access to the SWIFT and CMS network to over 90 banks.

“Both markets are promising for us,” said Quilium CEO Alistair Davidson. “But the one that captures the most attention – from potential customers, partners, and investors – has to be the e-commerce angle, because right now there’s no good solution for processing FX transactions on e-commerce sites. eDealer processes the transaction more efficiently, and even quotes and bills in the customer’s own currency – reducing transaction costs and improving the online buying experience.”

“Because FX volume is so high – in excess of $1.5 trillion traded daily – we knew the bar was set as high as possible in terms of reliability, speed, and performance,” said Scott Duchin, Quilium’s Chief Technology Officer. “Our Java-based system utilizes the most robust technology available using Enterprise Java Beans in order to meet the demands of high-volume banking, e-commerce, and e-finance processing. It’s already proven itself with customers like HP and Amazon.”