Successful confirmation matching is a critical step in the fast and efficient execution of deal settlement and is an increasing concern as settlement cycles shorten. SmartStream’s Corona automates this process to deliver greater control to the transaction lifecycle.
Corona Confirmations provides real-time matching and management of foreign exchange, derivatives and money market confirmations as well as supporting CLS trades. Corona can deliver two-way, three-way and four-way matching of these trades, supporting institutions’ efficiency drives, while helping to reduce operational overheads and risk.
By automating the confirmation matching process and highlighting trade discrepancies early on in the transaction lifecycle, Corona Confirmations helps to ensure the smooth and accurate processing of all trades. It can process the full range of standard payment instructions, SWIFT confirmation messages and retrievals applicable to MT3xx messages and MT 396 (CLS status advice).
Through automatically converting continuously misquoted account or bank details and handling all code-words for cancellation or amendments, Corona Confirmations can achieve matching rates of over 90%. When an error arises, integrated exception management and investigation tools can alert the user to the mismatch, providing a full audit trail to help ensure a rapid resolution and further reduce operational risk.