OSTTRA, a global post-trade solutions company, has launched a paper digitisation solution that enables market participants to reduce the amount of time it takes to process paper confirmations for complex over-the-counter (OTC) derivative transactions from hours to minutes.
The new solution is a significant enhancement to the existing paper trade workflows for Investment Managers on OSTTRA Trade Manager, automating trade review and matching processes to achieve faster confirmations. With tens of thousands of OTC trades still captured on long form paper, reviewing trade details, terms and conditions is an arduous task for all firms, resulting in significant operational cost and risk.
The enhanced solution uses artificial intelligence (AI) to extract and digitise critical details from pdf transaction records, such as the notional value of a swap or strike price of an options contract. Creating this digitised representation of the trade is critical to automating onward processing and reducing the risk of human error in reviewing or transcribing these complex transactions.
The launch of this new solution reflects OSTTRA’s ongoing commitment to expanding its services for the Investment Management community, leveraging its global network to streamline and standardise post-trade workflows.
The paper digitisation solution is available for FX options and equity swaps from this month, and then fixed income options, commodity swaps and non-deliverable forwards (NDFs) from September.