Wells Fargo Veteran Matthew Petrik Joins Derivative Path to Spearhead Growing International Payments and FX Product
WALNUT CREEK, Calif., July 19, 2022 (GLOBE NEWSWIRE) — Derivative Path, a leading provider of capital markets technology and derivatives services to regional and community banks, continues to grow its team by adding industry veteran Matthew Petrik as FX Head of Product. In this role, Petrik will oversee the vision and roadmap for Derivative Path’s rapidly growing Foreign Exchange product.
Petrik joins Derivative Path after spending more than 23 years at Wells Fargo Bank, where he was most recently Head of Product for FX Payment Solutions. He was part of the team that launched the flagship product FXOL on the Wells Fargo Commercial Electronic Portal. Matt also led integrations to connect the bank’s FX API into core wire products allowing many US banks to initiate FX payments without rekeying and managing the workstreams. He later played a pivotal role in helping integrate the Wells and Wachovia systems following their merger in 2008. For the past three years, Matt led the FX Payment Solutions Product team, primarily focused on enhancing the dealing options on FXOL, such as supporting Streaming Rates. Petrik is a Rutgers University graduate with a bachelor’s degree in marketing and management.
“Matt will be instrumental in the ongoing development of our FX product and strategy and will play a key role in ensuring that US community and regional banks have access to these capabilities,” said Frank Purnell, Co-founder and Chief Product Officer at Derivative Path. “We’re thrilled to have Matt join our team as we continue to invest heavily in our product capabilities.”
“I’m very excited to help drive Derivative Path’s FX product team forward and continue its path of innovation,” said Petrik. “Derivative Path has engineered a unique offering that is addressing an overlooked, yet pivotal part of the banking and capital markets ecosystem, and it’s a great opportunity for me to join and help this business accelerate growth.”
In early July, Derivative Path announced a strategic collaboration with Goldman Sachs Transaction Banking to launch a cloud-based, digital solution that provides financial institutions with greater efficiency for spot FX and international payments transactions.
About Derivative Path
Derivative Path is an award-winning and industry-leading provider of capital markets technology and derivatives execution services. The Company has developed a technology-led solution to assist financial institutions, buy-side, and commercial end-users in executing and managing their international payments, foreign exchange, over-the-counter commodity and interest rate derivative transactions. Founded by derivatives industry veterans, Derivative Path is on a mission to democratize access to capital markets products and technologies for all market participants. Learn more by visiting our website and following us on LinkedIn and Twitter.