|
Title
Major Financial Firm Closes Trades Faster with inTouch
Client
Brown Brothers
Harriman & Co. is the oldest and largest partnership bank
in America. When building a new mission critical trading network
on a very aggressive schedule, Brown Brothers sought a consulting
company with matching values: a total commitment to excellence
and customer service. Brown Brothers chose inTouch.
Problem
The client wanted to support settling trades within one day (T+1) while still supporting banking partners doing manual paper trades.
In the near
future,
the U.S. financial industry will be required to settle trades
within
one day (T+1). This requires total automation of the settlement
process by all parties. Each firm is implementing this on its
own
schedule. Companies that complete the transition early face backward
compatibility problems processing settlements with companies
still
using manual processes. The result is delayed transactions and
increased costs.
Solution
inTouch implemented computerized transmission, conversion, and routing
of faxed trades and confirmations.
Benefits
The client can now process all trades straight through (fully automated)
without disrupting the existing workflow at external partners. Although
the client’s settlement partners continue to use their paper
fax processes, the documents are converted within our client’s
network into transaction messages and are treated as standardized
electronic transactions routed for normal straight through processing.
Acknowledgements and confirmations are similarly returned via fax.
All faxed documents can be archived and indexed to their relevant
transactions.
The system lowers
the client’s cost per transaction, provides superior order
matching, and greatly reduces the number of repairs.
Details
inTouch combined multiple technologies to achieve the necessary
level of performance, scalability and expandability. The combined
technologies include industry standard Extensible Markup Language
(XML), IBM Websphere MQ Series inter-application messaging and high-volume
fax processing technology. inTouch assisted the client with API
specification, coding, debugging and integration into the core transaction
processing system and performed test plan development, implementation
and production rollout. The current system is capable of processing
over 2700 pages of faxed transactions per hour and can be readily
expanded tenfold (10x) or greater.
More Case Studies
Copyright © 2003-2005 inTouch Technology Corporation -- US 617 475-1500 -- www.intouchcorp.com
|
