TriOptima, part of the CME Group, announced this Tuesday that it has expanded its triResolve Margin collateral management service by adding support for automated SWIFT payment capabilities.
TriOptima is an infrastructure service that helps reduce risk in over the counter (OTC) derivatives markets. The company's triResolve service helps users manage counterparty credit risk, as well as ensure regulatory compliance. It does this by automating its clients' processes and highlighting the exceptions.
With CME-group's acquisition of the NEX group towards the end of 2018, TriOptima became a subsidiary of the American financial market company. The buyout deal was worth £3.9 billion ($5.1 billion).
TriOptima clients can instantly connect to SWIFT
The newly expanded settle Automation service allows clients of TriOptima to instantly connect to the SWIFT network for cash transfers and securities settlement, the statement released today said.
Furthermore, with the expansion of triResolve, clients will have direct access to a broad range of custodians and tri-party agents, the infrastructure service said this Tuesday.
Commenting on the expansion, Raf Pritchard, Executive Director, Head of triResolve, said in the statement: "Collateral settlement is often a manual and onerous task for firms, often requiring them to log into a custodian's portal or even use a fax."
"Combining triResolve Margin with a centrally hosted SWIFT infrastructure removes the headache of connecting to multiple custodians, helping clients to lower transaction costs and significantly reduce settlement risk."
According to the statement published this Tuesday, by adding support for SWIFT, clients of TriOptima that are in-scope for phases five and six of the BCBS/IOSCO Uncleared Margin Rules can instruct SWIFT Payments directly via the platform.
With the latest expansion to its triResolve Margin service, clients will also be able to automate the full collateral management process across both initial and variation margin, the company said in today's statement.
