Misys has extended its post-trade confirmation solution, Misys Confirmation Matching Service (CMS), to handle over-the-counter (OTC) derivative and commodity fax confirmations.
Many OTC structured trades must be delivered by fax due to lack of standards. Misys has developed the capability using optical character recognition (OCR) and dynamic document capture (DDC) to scan an incoming fax, create a trade stub identifying the trade and present the trade stub and a PDF of the fax to the counterparty for confirmation through Misys CMS.
“Minimising the time and resources needed for trading and post-trade activities is a key concern for financial institutions,” said Gil Bray, solutions director, Misys CMS. “An increased emphasis on transparency means that customers expect a higher degree of automation and more efficient confirmations. Our OTC document automation service, which is SAS 70 Level 2 certified, can now provide a standardised repeatable approach which fully harmonises processes across multiple instruments.”
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