Misys extends partnership with FXpress to offer banks and corporations greater efficiency in post-trade confirmation matching
New direct pathway between complementary solutions promises reduced risk and improved processing speed for current and future users of both services
4 September 2008 – Misys, the global application software and services company, has extended its technology alliance with FXpress Corporation to boost the number of automatic matched confirmations between banks and corporates trading financial instruments.
As part of the agreement, a new direct and secure interface has been created between Misys Confirmation Matching Service (CMS) and FXpress’ FIRST™, a web-based solution for managing exposures, derivatives and hedge accounting to facilitate the bilateral exchange of pre- and post-confirmation trade details using industry-standard communication formats.
Transactions generated from FXpress’ FIRST, will feed transaction data directly to Misys CMS and will reduce what was once a multi-step export and import procedure between the two products down to an automated process requiring no manual intervention. Customers performing transactions through FIRST will be able to turn on an automatic and secure FTP connection to Misys Confirmation Matching Service (CMS), thereby allowing trade details to be communicated directly to CMS, matched with the appropriate counterparty and confirmed back to the customer in FIRST.
Steven Goldstein, Global Solutions Manager for Misys CMS, comments: “Among the biggest concerns in the marketplace today are mitigating risk and improving efficiency. This collaboration to link our software solutions creates an unbeatable combination of seamless automation and increased processing speed.”
Darren Greway, Vice President of Product Development at FXpress, adds: “The automated interface between FIRST and Misys CMS was a natural progression to create true straight-through-processing for our back office users. For each manual process that our systems eliminate, it enables more productivity, scalability and security within the treasury function.”
One of the first clients to go live on the interface is Constellation Brands, the international producer and marketer of wine, beer, and spirits. Constellation Brands trades foreign exchange (FX), and then loads the trades into FIRST. In the past, they would then call up to 15 banks to confirm their trading activity – a process which took several hours and sometimes more than one day. By utilizing Misys CMS, the company has been able to reduce the effort and risk involved in confirming trades, cutting confirmation times to minutes rather than hours or days and enabling the firm to manage by exception rather than manually touching each trade.
Eugenia Shen, Manager of Foreign Exchange at the company comments, “As an existing user of both Misys CMS and FXpress’ FIRST solution, utilizing this new link between the systems has helped us achieved even greater efficiency than we experienced with the two services separately. And that means we can realize improvement in processing time, risk and cost.”
Misys Treasury & Capital Markets has 18 years of experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.
For further information or to request an interview with a Misys or FXpress spokesperson, please contact:
Stephen White
Misys Treasury & Capital Markets
t. +44 (0) 207 757 6134
stephen.white@misys.com
Nick Parker
Financial Dynamics
t. +44 (0)20 7269 7181
nick.parker@fd.com
FXpress
Jill Ward
FXpress Corporation
t. +1 610 617 7988
jward@fxpress.com
About FXpress Corporation
