OSTTRA releases service to digitise paper confirmations
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OSTTRA releases service to digitise paper confirmations 15 July 2022New York, London Reporter: SFT
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OSTTRA has announced a paper digitisation service that will reduce the time required to process paper-based confirmations for OTC derivatives transactions.
The post-trade services specialist will employ an artificial intelligence-based solution to capture and digitise key details from pdf transactions records, thereby improving straight-through processing rates through trade review and matching procedures and facilitating faster trade confirmation.
OSTTRA indicates that creating a digital representation of the trade is fundamental to automating onwards processing and eliminating human error, potentially enabling trade confirmation to be accelerated from hours to minutes.
By adding this paper digitisation module to OSTTRA Trade Manager, the firm indicates this will enable buy-side firms to monitor their derivatives trades alongside their electronic trade flow, therefore enabling them to monitor their OTC trades in one place.
The paper digitisation service will launch this month for FX options and equity swaps and from September for fixed income options, commodity swaps and non-deliverable forwards
OSTTRA was established in 2021, bringing together MarkitServ, Traiana, TriOptima and Reset.
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Image: AdobeStock/wladimir1804 