Misys, the global application software and services company, has extended its post-trade confirmation solution, Misys Confirmation Matching Service (CMS), to handle OTC derivative and commodity fax confirmations.
Reportedly, 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 counter party for confirmation through Misys CMS.
It has been reported that Misys CMS automates the process by providing an on-line affirmation service with a complete audit trail and on-line document history. It expects that this service reduces the operational processing risk and allows financial institutions to increase efficiency when sending confirmations to their commercial clients resulting in reduced risk and improved customer service and satisfaction.
Gil Bray, solutions director, Misys CMS, said: “Minimizing the time and resources needed for trading and post-trade activities is a key concern for financial institutions. Our OTC Document Automation Service, which is SAS 70 Level 2 certified can now provide a standardized repeatable approach which fully harmonises processes across multiple instruments. “
“This increased capability allows Misys to provide clients with a single window into their post-trade confirmation activities improving risk management through an automated exact confirmations process with full audit trail, alongside a shortened confirmation cycle, which reduces costs and processes. In turn, these changes allow for heightened transparency,” he added.
