BNP Paribas Securities Services has implemented CheckFree’s TradeFlow TPM solution, a technology that automates the Foreign Exchange (FX) deal matching and settlement service offered to clients.
TradeFlow TPM was implemented at the end of 2003 and processes FX trades from initial instruction to settlement, interacting with brokers, counterparties and custodians, in markets across the world.
The French bank says the technology has enabled it to increase its capacity for handling volumes, improved its ability to cope with daily fluctuations in volumes, raised service delivery standards by decreasing error rates, as well as reducing operational risk, and enabled it to customise services for a broad range of clients.
“The introduction of CheckFree software by BNP Paribas Securities Services is an important step in our strategy for full STP for FX processing,” says Graham Foggin, Director of UK Operations at Henderson Global Investors, a BNP Paribas client. “In the fund management industry, FX processing has historically lagged behind the securities area, which has enjoyed full automation and straight-through processing for some years now. However, this project has more than closed the gap and we look forward to benefiting from the efficiencies and improved control which should result.”
“We are extremely pleased to have been chosen to provide the STP platform for such a large and diversified service environment, and look forward to partnering with BNP Paribas Securities Services as its securities strategy unfolds and the organisation’s outsource service is deployed across other sites,” adds Mark Zill, Managing Director of CheckFree Financial & Compliance Solutions.
Nick Kirk, head of BNP Paribas’ UK investor services business, describes the new technology as adding to the outsourcing capabilities of the bank.