Pirum provides real-time triparty RQV automation
17 September 2012 London
Image: Shutterstock
Pirum has deployed the final component of its new triparty required value (RQV) service, which it has developed in partnership with J.P. Morgan.
The service allows users to automatically calculate, reconcile, agree and submit their RQVs across all counterparties.
A statement from Pirum said: 鈥淧irum鈥檚 RQV automation solution substantially improves the intraday visibility of proposed RQVs, facilitating straight forward and timely dispute resolution together with increased efficiency and reduced operational risk. The service enables customers to standardise their daily RQV operational processes using a single set of screens applicable to all counterparties and across multiple triparty agents.鈥�
Rupert Perry, chief executive of Pirum, said: 鈥淲e are delighted to partner with J.P. Morgan to deliver this new and innovative service which enables our customers to significantly streamline their operational procedures surrounding their daily RQV processing. Our customers are very excited about bringing automation and standardisation to a process which has historically required significant manual effort and operational risk.鈥�
鈥淥ur clients have been requesting the ability to match, approve, and automate submission for collateral requirement values,鈥� added John Rivett, business executive for collateral management at J.P. Morgan. 鈥淲e are happy to partner with Pirum to leverage their expertise in delivering this to our clients.鈥�
Pirum鈥檚 service is already processing $10.3 billion, and it counts eSecLending and Citi鈥檚 prime finance business as users.
鈥淗aving all Citi RQVs agreed in a consistent and real-time manner will bring efficiencies to the process and enable us to remain focused on delivering the best possible service to our clients.鈥� said a spokesperson from Citi prime finance.
David Jacobson, managing director and head of global operations at eSecLending, said: 鈥淭he Pirum triparty RQV service supports eSecLending鈥檚 efforts to continuously increase automation and transparency in our clients鈥� securities lending programmes. The service delivers enhanced efficiencies by reducing the manual touch points involved in generating, agreeing and submitting RQV鈥檚 in the triparty collateral process.鈥�
The service allows users to automatically calculate, reconcile, agree and submit their RQVs across all counterparties.
A statement from Pirum said: 鈥淧irum鈥檚 RQV automation solution substantially improves the intraday visibility of proposed RQVs, facilitating straight forward and timely dispute resolution together with increased efficiency and reduced operational risk. The service enables customers to standardise their daily RQV operational processes using a single set of screens applicable to all counterparties and across multiple triparty agents.鈥�
Rupert Perry, chief executive of Pirum, said: 鈥淲e are delighted to partner with J.P. Morgan to deliver this new and innovative service which enables our customers to significantly streamline their operational procedures surrounding their daily RQV processing. Our customers are very excited about bringing automation and standardisation to a process which has historically required significant manual effort and operational risk.鈥�
鈥淥ur clients have been requesting the ability to match, approve, and automate submission for collateral requirement values,鈥� added John Rivett, business executive for collateral management at J.P. Morgan. 鈥淲e are happy to partner with Pirum to leverage their expertise in delivering this to our clients.鈥�
Pirum鈥檚 service is already processing $10.3 billion, and it counts eSecLending and Citi鈥檚 prime finance business as users.
鈥淗aving all Citi RQVs agreed in a consistent and real-time manner will bring efficiencies to the process and enable us to remain focused on delivering the best possible service to our clients.鈥� said a spokesperson from Citi prime finance.
David Jacobson, managing director and head of global operations at eSecLending, said: 鈥淭he Pirum triparty RQV service supports eSecLending鈥檚 efforts to continuously increase automation and transparency in our clients鈥� securities lending programmes. The service delivers enhanced efficiencies by reducing the manual touch points involved in generating, agreeing and submitting RQV鈥檚 in the triparty collateral process.鈥�
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