valantic FSA partners with dwpbank on digital assets platform launch

The platform aims to enable automated workflows, allowing banks to provide customers access to cryptocurrency trading through their existing systems with a view to reducing the cost per transaction.

April 4, 2023 - Deutsche WertpapierService Bank AG (dwpbank) a German provider of securities services, has launched the “wpNex” platform for digital assets and conducted a pilot transaction with crypto assets for retail customers.

The platform was developed with valantic FSA providing the underlying automation and integration technology. The launch of “wpNex” aims to enable around 1200 banks and savings banks in Germany to develop opportunities to trade digital assets for themselves and their customers. 

The first component of the wpNex platform is an offer for trading cryptocurrencies, and the pilot transaction based on Bitcoin has been successfully completed. wpNex will be gradually expanded so banks and savings banks connected to dwpbank can include the regulated trading of other digital assets in their services for retail customers.  

The valantic automation platform allows existing core banking systems of affiliated banks to connect with the trading system of the execution broker (Bankhaus Scheich), the wallet provider (Tangany) and the settlement service provider (dwpbank).

Valantic's system has made it possible to both build a bridge between existing banking architecture and the new world of digital assets and to provide the entire data integration that potentially reduce the cost of processing the transaction. As a result, wpNex allows any affiliated bank to offer its customers the opportunity to trade digital assets via its existing infrastructure easily and inexpensively. 

Dr. Heiko Beck, CEO of dwpbank commented: “Regardless of how the market for cryptocurrencies will continue to develop: digitized values will become increasingly important in the future. That's why we're expanding our range of services in this area and gearing our portfolio more closely to the future opportunities that are available here."

“valantic FSA has a long and successful track record in electronic trading and transaction automation - which is also applicable to crypto assets” notes Joachim Lauterbach, CEO, at valantic FSA. “Banks want to provide their clients with the opportunity to participate in these new markets. To do so, they augment their existing core systems with our automation technology, providing them with an efficient low-code modular business solution. We are proud to work with dwp to develop efficient solutions for the emerging digital asset market.”