State Street integrates Pirum’s CollateralConnect onto its collateral platform
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State Street integrates Pirum’s CollateralConnect onto its collateral platform 24 March 2022US Reporter: Bob Currie
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State Street Collateral+, the US bank’s collateral management platform, has gone live with Pirum CollateralConnect to support common clients with their collateral management and optimisation requirements.
The Boston-based financial services corporation indicates that this collaboration between the two companies capitalises on investments that it has made in its Collateral+ solution, including the recent expansion of this platform to embrace State Street’s tri-party service.
Among other benefits, these developments enable buy-side firms to optimise collateral mobilisation and allocation when meeting their initial and variation margin requirements.
Pirum’s CollateralConnect service takes advantage of its widespread connectivity with State Street’s collateral management solutions to deliver what it calls intelligent, STP-based processing. The aim is to deliver greater efficiency to intraday margining and to enhance collateral use and mobilisation.
This, the two companies note, will deliver improved connectivity, workflow and automation to State Street’s tri-party collateral service.
Reflecting on the collaboration, State Street’s global head of collateral management Staffan Ahlner says: “As markets continue to evolve, firms will have more and more complex collateral management needs. We are delighted to announce this collaboration with Pirum, which will further elevate our collateral posting capabilities on behalf of our clients while enhancing our operational efficiency.”
Pirum CEO Phil Morgan says: “We are proud to help our clients leverage the State Street Collateral+ and tri-party platform to achieve better operational and financial efficiencies with relatively minimal time and effort on their part.
“Our CollateralConnect solution offers firms an easier way to connect to State Street to share data, automate processing and drive better client outcomes.”
Pirum indicates that it currently assists firms in managing more than US$3 trillion in trades and collateral daily across securities lending, repo and derivatives through its end-to-end collateral, margining and transaction services.
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