Pirum’s CoacsConnect solution has been chosen by the US-based electronic broker/dealer Interactive Brokers to automate corporate actions for risk and cost reductions as well as efficiency improvements for its customers globally.
The service offers a centralized solution for managing corporate actions, including income claims and voluntary corporate actions functionality, and caters to each client’s individual requirements and tech stack. It currently processes on average $3.8 billion of corporate actions daily.
Interactive Brokers intends to streamline its operations: clean up receivables, reduce email traffic, and accelerate response times with counterparts. Automated payments also mean quicker payment times and reduced open claim balances. In addition, the centralized solution was identified as offering a valuable risk mitigant, with full audit trails, updates, and alerts to identify and notify of time-critical actions to be taken.
Jacob Koopmans, chief revenue officer at Pirum, said in a statement: “Even within leading organizations, processing of corporate actions has traditionally relied heavily on manual processes. Thanks to forward-looking firms like Interactive Brokers, which insist on offering best-in-class services to their customers, this past practice is fast becoming outdated. We look forward to collaborating closely with the Interactive Brokers team, to support its roll out of automated and digitalized corporate actions, and to continue developing CoacsConnect, for the benefit of all our clients.”