Meritsoft, a Cognizant company, has unveiled its Trade Tracking and Exception Manager (TTEM) solution, aimed at improving settlement efficiency rates for financial institutions.
Daniel Carpenter, chief executive of Meritsoft, said: “Market participants across the globe face a growing list of challenges when it comes to their trade settlement operations, from shorter settlement cycles to heightened operational costs and resource limitations.
“Faced with CSDR penalties, T+1 settlement timeframes and rising levels of interest claims, it is imperative that companies move quickly to streamline their settlement operations and trade failure resolution processes to minimise costs. Those that fail to do so will struggle to remain competitive in an increasingly complex and fast-changing trading environment.”
The platform is fully cross-asset and provides near real-time trade matching and settlement status updates, as well as offering fully customisable operational dashboards.
The tool enables users to prioritise trades at risk of failure and the settlement efficiency reporting against both internal and external benchmarks allows operations teams to understand where and why fails are occurring.
The offering is set to assist with future-proofing firms when it comes to market structure, volatility, and regulatory changes, including the US’ T+1 shift.
In addition, TTEM has a predictive AI module which utilises advanced machine learning algorithms. “At trade ingestion the AI models instantly predict the settlement status at the future market deadline. The predictive data is combined with the TTEM risk profiling data to generate enhanced dashboarding for settlement risk and operational prioritisation,” the firm explained.
TTEM has been built with a cloud-ready, API-first design and the platform permits seamless adaptability and interoperability of workflows, including capacity to support high transactional volume in real-time.
The end-to-end solution can be used in conjunction with Meritsoft’s CSDR manager and with the firm’s Interest Claims Management solution.