It’s been a busy 2018 here on our OpenText™ Straight Through Processing (STP) for Securities (STP Financial Hub) platform, with many new clients discovering the benefits of our powerful workflow engine and flexible connectivity methods, along with our constant improvement and enhancement process for our existing clients.
Recently, we completed an onboarding for a new corporate customer who needed to connect to their global treasury provider/bank seamlessly, so that they could transmit their FX orders quickly and efficiently and receive back all the status updates and confirmation details.
The client’s legacy order platform is limited in the way it could transmit orders, with only an FTP file output possible. From an FX provider/bank perspective, the preferred method of transmitting FX order is via a standard FIX protocol, which is not something most corporate clients are able to do from their ERP system. Instead, they prefer a simpler integration method using file transfer or API.
Rather than having to build and implement a costly and complex FIX engine on their side, our client harnessed the power of the OpenText STP Financial Hub to be able to receive in FTP with no new build required, and translate their orders to FIX for transmission to the bank, with the return trip also converted by the STP Financial Hub in real-time. The client now has dramatically reduced their costs and risk, with the added benefit of having the global team of STP Financial Hub experts on hand 24 hours a day to assist them—essentially becoming another arm of their own teams. They are also “future proofed” in that they can easily convert over to an API connection with the STP Financial Hub at any time with no issues.
With the STP Financial Hub, you can have all your messaging exchange needs carried out in the cloud, integrated with your existing platforms and applications, or add the dynamic web portal so that your Operations teams and clients can see what is happening in real-time and with multiple languages supported.
With proven experience and ability, the STP Financial Hub platform has been revolutionizing workflows and processes for many major clients in the Financial Services sector, and corporations in other sectors which have needs to solution their financial messaging issues.
Get in touch by filling out the short form beside this blog to find out more and see how we could help you solution any workflow or messaging issues.