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Private banks lack back-office automation

New research into transaction processing practices has found that a substantial number of private banks in Switzerland, the US and the UK lack back-office automation. The survey, carried out by Scorpio Partnership and commissioned by solutions provider Omgeo, shows that nearly 30% of private banks continue to manually operate trade execution, confirmation and affirmation, rather than processing trades electronically. Even among the remaining 70%, many still have a considerable amount of manual processes for some types of transactions.