Meritsoft, a subsidiary of Cognizant that specialises in post-trade process automation, has launched its next-generation technology platform offering advanced post-trade process automation capabilities. Built using the latest technologies, the new platform aims to deliver operational efficiency gains and cost optimisation opportunities by better supporting firms’ post-trade processing requirements across fails management, financial transaction taxes (FTTs), CSDR penalty management, settlement efficiency, claims management, brokerage trade expense management, research, and commission sharing agreements (CSAs).
The platform is designed with an API-first approach, following contemporary architectural principles and standard data communication practices. This provides users with better cost efficiency and operational stability, allowing for smooth workflow adaptability and integration. Data produced can be analysed using the comprehensive API suite by machine learning systems and AI tools, enhancing predictive analytics and boosting overall performance.
The platform can be hosted on either a public or private cloud, based on the client’s choice. This allows for immediate scaling to match varying workflow demands, aligning with the trend of cloud adoption. Not only does this offer banks significant cost benefits, but it also ensures efficient use of resources, meaning that users can avoid excess energy use, computer power, and data costs, according to the company. Additionally, clients can opt for regular and detailed system updates, eliminating the need for major, disruptive system upgrades.
Meritsoft’s solution for managing FTTs is the first of the company’s offerings on this new technology, addressing the needs of several clients aiming to improve their tax operations. It also prepares them for evolving transaction tax regulations and upcoming rule changes.
Daniel Carpenter, CEO of Meritsoft, commented: “We have channelled our extensive experience of delivering automated post-trade solutions into this new technology platform to deliver our most comprehensive and holistic solution to date. With capital markets participants facing an increasing number of challenges, such as shorter settlement cycles, rising interest rates and an increase in interest claims, and transaction tax implementations, it is important that institutions are armed with innovative and scalable technology to stay abreast of fast-moving markets, evolving regulatory requirements and client preferences.”
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