Pirum collaborates with Kingfield to automate income claims
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Pirum collaborates with Kingfield to automate income claims 19 July 2023US Reporter: Carmella Haswell
Image: Sikov/stock.adobe.com
Pirum has collaborated with fintech company Kingfield as part of an effort to fully automate income claims.
Mutual clients using Kingfield’s solutions can also use Pirum’s CoacsConnect service and, therefore, link all of their trading counterparts.
Pirum says this will allow for matching, reconciliations and automation of the payment of income claims for cash-related corporate action events associated with securities lending and repo transactions.
The connectivity created by the two firms aims to increase straight-through processing, enabling counterparties to remit claims on pay date and reduce capital requirements.
Commenting on the announcement, chief product officer and co-founder at Kingfield John Rodefeld, says: “The ability to develop constructive partnerships with market participants such as Pirum delivers a more valuable product to all service providers and clients. This strategic operating model approach underpins all of Kingfield technology operations solutions.”
Robert Frost, global head of product at Pirum, adds: “Our mission at Pirum is to fully automate all aspects of the securities finance workflow. The Kingfield collaboration assists mutual clients to achieve end-to-end connectivity and full automation.
“With rising interest rates there is an increased focus on financial resource management and automation and as a result our CoacsConnect network continues to expand.”
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Image: Sikov/stock.adobe.com 