The collaboration aims to integrate a trade confirmation matching service for Kantox clients, ensuring that trades initiated through Kantox’s platform match those executed by banks thus reducing manual errors and enhancing security.
The Kantox solution automates the entire foreign exchange (FX) workflow, from pre-trade through to post-trade processes. Under the new partnership, once Kantox triggers a trade, details are sent to Finastra's Confirmation Matching Service (CMS), where they are automatically compared with the corresponding confirmations from the banks.
The integration of Kantox and Finastra’s systems, achieved via Application Programming Interfaces (APIs) aims to provide clients with greater accuracy in trade execution. Any discrepancies between the trades requested and those executed are flagged automatically for further review. This process aims to reduce errors and streamline reconciliation, especially for complex currency transactions that are more susceptible to human error.
Officials from Kantox noted that the partnership would further strengthen the company’s post-trade automation capabilities. They stated that integrating Kantox’s platform with Finastra’s trade confirmation service provides clients with access to a robust matching system.
Representatives from Finastra added that this collaboration aligns with Finastra’s API-first strategy, helping to increase automation in front-to-back-office operations. They highlighted the potential for improved Straight Through Processing (STP) and reduced post-trade operational risk for Kantox clients.
Finastra’s Confirmation Matching Service supports a range of transactions, including Foreign Exchange, Money Market, FX Options, and Commodity transactions. With over 1,400 clients globally, it offers a multi-bank, multi-asset class solution for post-trade confirmation needs.
Finastra is a global financial software provider, offering solutions across lending, payments, and treasury services. It serves over 8,000 institutions worldwide, providing an open platform for innovation through FusionFabric.cloud. Finastra supports both direct banking services and Banking as a Service (BaaS) through its Open Finance model.
Kantox provides Currency Management Automation software, simplifying foreign exchange management for treasurers and CFOs. The platform automates FX processes, including pricing with real-time exchange rates, hedging currency risk, and optimising cash management. Established in 2011, Kantox operates in 75 countries and became a BNP Paribas company in 2023 while continuing to function independently.
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