Pirum is pleased to announce the production deployment of the final component of its new Tri-Party Required Value (RQV) processing service, in partnership with J.P. Morgan. Customers are now using the new service to automatically calculate, reconcile, agree and submit their RQVs across all counterparties, whether they are Pirum participants or not.
Pirum’s 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 Tri-Party agents.
Rupert Perry, Chief Executive of Pirum said “We 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”.
John Rivett, Business Executive Collateral Management at J.P. Morgan stated “Our clients have been requesting the ability to match, approve, and automate submission for collateral requirement values. We are happy to partner with Pirum to leverage their expertise in delivering this to our clients.”
Already the service is processing 10.3 bln USD with participants realizing immediate benefits from this real-time service.
“Citi Prime Finance are pleased to be partnering with Pirum in this venture that brings further automation and standardisation to the securities lending tri-party model. Having 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.” cited a spokesperson from Citi Prime Finance.
David Jacobson, Managing Director, Head of Global Operations at eSecLending commented “The Pirum Tri-Party RQV service supports eSecLending’s efforts to continuously increase automation and transparency in our clients’ securities lending programs. The service delivers enhanced efficiencies by reducing the manual touch points involved in generating, agreeing and submitting RQV;s in the tri-party collateral process.”
Additional releases are planned over the coming weeks which will further extend real time automation of RQV processing via direct interfaces with BNY Mellon.
Pirum is an acknowledged market leader in automating post-trade processes for the securities finance industry. With a centralised data processing hub, Pirum seamlessly links participants in the securities finance industry with each other, ensuring stock lending and repo transactions are processed both efficiently and with reduced operational risk.