Customer satisfaction is a key focus for our Service Delivery team. Time to market to onboard a prime or executing broker is an area that the market is continually looking to improve. OSTTRA is undertaking the significant challenge of identifying areas of improvement in the onboarding process for Designation Notices. The Designation Notice Manager (DNM) solution is the foundation of our credit risk services, enabling PBs and EBs to streamline the creation, amendment, and termination of triparty credit lines ‒ and paving the way for credit rebalancing across the industry.
Many documents to process
There are 24,000 designation notices across the entire $6 trillion FX market. For a prime broker or executing broker to go live on DNM, the designation notices need to be manually entered, which is a paper-based and highly manual process. As a result, the number processed daily is restricted.
In partnership with SuccessData, OSTTRA have deployed an automated solution that halves the effort involved in initial onboarding of designation notices. SuccessData extracts the details from PDF designation notices and converts it into a format that we can then upload into DNM. As such, we are now able to process far more of these documents in a shorter space of time. This allows us to onboard PBs and EBs quicker.
“We are excited to support our automation initiative to improve the processing of designation notices, which accelerates the digitization of a critical part of the FX market,” said Laurent Louvrier, co-founder and CEO of SuccessData. “DNM’s use of SuccessData’s solution allows us to help OSTTRA onboard and serve its customers more effectively.”
Benefits of customer onboarding automation
The solution can be triggered any time of the day, seven days per week. In addition to speed, increased accuracy of data processing removes the need for multiple checks and reconciliations throughout the process.
The benefits we see in this space have encouraged us to review other areas of our business that could benefit from an automated solution that can be deployed, scaled, and updated. As we continue our ongoing conversations across the industry about expanding the depth and breadth of our credit risk solutions, it is fundamental that we automate to improve time to market, reduce risk, and improve controls. The use of digitization has been a genuine solution to a manual processing problem that has challenged the industry for a long time.
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