Broadridge Financial Solutions said that Australian chemical manufacturer Incitec Pivot has gone live on its global SWIFT Service Bureau (SSB), to drive process efficiency improvements and reduce risk for its international treasury operations and trade confirmation requirements.
Incitec Pivot’s treasury group is using Broadridge’s automated solution to receive confirmation messages relating to foreign exchange (FX), money market, commodities and hedging transactions from its agent banks, match them against the records it holds on its treasury management platform, and communicate any discrepancies back to the banks in an efficient process with full management control.
Previously, they received fax-based confirmations from the banks through which they execute trades. Broadridge said that the solution will help Incitec Pivot to mitigate risks associated with trade booking errors, and its automated exception-based processing can help to reduce exposure to market fluctuations such as currency rate changes during prolonged investigation into matching errors.
Incitec Pivot has deployed a three-tier SWIFT-based solution from Broadridge that includes fast-track access to SWIFT for connectivity and messaging between their treasury management solution and their agent banks; web-based workflow management and exception handling; and Broadridge’s PROactive confirmation matching solution for automated trade confirmations.
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