Pirum provides real-time triparty RQV automation 17 September 2012London Reporter: Mark Dugdale
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Pirum has deployed the final component of its new triparty required value (RQV) service, which it has developed in partnership with J.P. Morgan.
The service allows users to automatically calculate, reconcile, agree and submit their RQVs across all counterparties.
A statement from Pirum said: “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 triparty 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.”
“Our clients have been requesting the ability to match, approve, and automate submission for collateral requirement values,” added John Rivett, business executive for collateral management at J.P. Morgan. “We are happy to partner with Pirum to leverage their expertise in delivering this to our clients.”
Pirum’s service is already processing $10.3 billion, and it counts eSecLending and Citi’s prime finance business as users.
“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.” said a spokesperson from Citi prime finance.
David Jacobson, managing director and head of global operations at eSecLending, said: “The Pirum triparty RQV service supports eSecLending’s efforts to continuously increase automation and transparency in our clients’ securities lending programmes. The service delivers enhanced efficiencies by reducing the manual touch points involved in generating, agreeing and submitting RQV’s in the triparty collateral process.”
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