Pirum has released enhancements to its CoacsConnect corporate actions solution to promote further automation.
The announcement comes as the firm reports growth in CoacsConnect’s automated income claims service.
The next phase of CoacsConnect will fully automate the voluntary corporate action process for the securities finance industry. Pirum is currently developing this solution with a design partner group of a number of clients, with the product launching in the second half of 2023.
CoacsConnect is automatically processing more than US$1.5 billion worth of income claims daily, across an average of 136,000 income claims for fixed-income and equity securities finance trades, says Pirum.
Through the latest enhancements to its corporate actions solution, Pirum aims to allow counterparts to receive fully automated status updates, exchange payment instructions electronically, as well as bulk match and track all exceptions automatically in the user interface.
By fully automating the matching and payment process, Pirum aims to help clients to reduce outstanding exposures, capital consumption and risk, with claims being paid up to 75 per cent more quickly than via previous manual processes.
Pirum reports that clients have achieved estimated annual savings of up to US$5 million related to unsecured capital and funding costs through CoacsConnect. With all claims issuers and receivers benefiting from higher STP rates, this is likely to result in an average saving of between two and five FTEs, the firm reports.
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