Dynamic management solution tackles counterparty risk and operational inefficiencies
Brookfield, Wis., August 2, 2010 – Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it will utilize Omgeo ProtoColl as its dynamic collateral management solution. Using Omgeo ProtoColl, new and existing Fiserv customers on the TradeFlowTM platform will be able to automate their collateral management process, handle numerous asset classes and increase visibility into credit exposure to mitigate counterparty risk.
“Organizations are struggling when it comes to understanding where all of their collateral resides, particularly when it comes to repossessions,” said Paul Thomas, managing director, Investment Services, Fiserv. “We’ve seen intense pressure on the repossession market because of increased use of collateral agreements. By automating the collateral management process, clients will have a holistic view of their positions, which is invaluable to achieving the key goal of minimizing counterparty risk. Using Omgeo ProtoColl, Fiserv clients will have the ability to quickly identify discrepancies and highlight which details must be resolved between existing counterparties.”
Omgeo ProtoColl is designed with a sophisticated and configurable workflow to help streamline the collateral process. Its intuitive dashboard enables users to manage all tasks including notifications and exceptions from a single central location. Additionally, the extensive reporting capability ensures users are fully informed and deadlines are met.
“Today, a limited number of institutions are using automated collateral management solutions. Most existing processes have largely been manual via spreadsheets, increasing operational risk and the likelihood of errors,” said Tim Keady, managing director, global sales and relationship management, Omgeo. “With access to a flexible, out-of-the-box solution such as Omgeo ProtoColl, Fiserv clients will be able to handle a surplus of collateral with increased accuracy and efficiency.”
Omgeo ProtoColl is available through a hosted secure environment or as a standalone application.
Omgeo creates certainty in post-trade operations through the automation and timely confirmation of the economic details of trades executed between investment managers and broker dealers. Every day Omgeo enables an efficient community of more than 6,000 financial services clients in 46 countries to manage matching and exception handling of trade allocations, confirmations, and settlement instructions. Omgeo has also extended its trade lifecycle coverage to include counterparty risk management, which supports end-to-end collateralization and reconciliation across multiple asset classes. Leading organizations rely on Omgeo to help manage an increasingly complex investment industry by providing operational stability and solutions that complement the focus on profitability in an era of escalating trade volumes. Across borders, asset classes, and trade lifecycles, Omgeo is the global standard for operational efficiency across the investment industry. Formed in 2001, Omgeo is jointly owned by the DTCC and Thomson Reuters. For more information about Omgeo, please visit www.omgeo.com.
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.
Additional Fiserv Contact:
Public Relations Manager