Global clearer reduces time to onboard ETD by 97% | Gresham
The challenge
The CIO of a leading global clearer was facing system outages, excessive manual processes, and slow and painful onboarding of new controls, all in a highly complex environment.
The solution
Gresham’s Control which provides financial institutions with a single source for end-to-end automation, validation and reconciliation of their data, controls, workflows and reporting, cut through the complexity with a real-time, agile matching engine.
"Exchange feeds change all the time and legacy systems just can’t keep up, meaning more manual work or worse – system outages and errors".
Constant complexity, constant change
Maintaining your competitive edge in the complex exchange environment requires competitive technology too. The volume of manual processes at a leading global clearer were beginning to cause its Chief Information Officer real concern.
Complexities in the ETD environment include wide data attributes and time-consuming internal interfaces and exception management. With exchange feeds changing as often as quarterly, flexible controls are a must-have.
A legacy system that just couldn’t deliver
Constant complexity, constant change The firm’s legacy reconciliation system simply could not keep pace with the volume and complexity of market data. Frequent system outages were increasing exposure to regulatory risk, and significant IT resources were required just to run daily operations. The system also couldn’t adapt quickly enough to the ETD environment, with new controls taking at least 30 days to onboard.
All of this was strangling the firm’s ability to access new markets. The CIO needed a solution that could match the speed and complexity of the business, without breaking his team’s operations – or the bank.
Control for inter systems takes volume and complexity of data in its stride
Control was selected for its real-time, agile matching engine built to handle large volumes of complex and varied data and the ability to deliver fast, accurate reconciliation of any size, shape or volume of data, at scale. By eliminating manual processes, Control for InterSystems reduced risk and complexity and empowered the firm to comply and report with confidence.
So how does life look for the CIO now?
Control reduced the onboarding time for new controls by 97%, as well as significantly lowering time to market and total cost of ownership. Processing hundreds of millions of transactions a day in over 85 global exchanges, Control sits at the heart of backoffice operations, ensuring that the firm meets its compliance obligations and establishing trust in data and reporting.
"97% reduction in control onboarding time, with hundreds of millions of transactions processed a day in over 85 exchanges around the world".
Results
- 97% reduction in the time taken to onboard new controls, saving money and freeing up FTEs for value-adding tasks.
- A solution built for volume, with hundreds of millions of transactions processed per day, in over 85 global exchanges.
- Reduced risk and complexity and elimination of manual processes and workarounds.
- Increased trust in data and reporting with dependable, consistent controls, all in one system.
