Derivative Path Hires Wells Fargo Vet
Posted by Colin Lambert. Last updated: July 20, 2022
Regional bank technology provider Derivative Path has named Matthew Petrik as FX head of Product. The firm recently unveiled a collaboration with Goldman Sachs Transaction Banking to launch a cloud-based, digital solution for spot FX and international payments transactions.
Petrik joins 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 and also led integrations to connect the bank’s FX API into core wire products. Petrik later played a pivotal role in helping integrate the Wells and Wachovia systems following their merger in 2008. For the past three years, he led the FX payment solutions product team, primarily focused on enhancing the dealing options on FXOL, such as supporting streaming rates.
“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,” says Frank Purnell, co-founder and chief product officer at Derivative Path.
Petrik adds, “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.”