NEX Group’s triResolve reconciliation platform has beaten previous staple winner SmartStream to the title in the best reconciliation platform category, which it had won for the previous five years. Jenny Nilsson, head of product marketing at triResolve, says triResolve’s service is an essential component for market participants to validate and align their positions and exposure to reduce credit counterparty risk.
triResolve was established in 2007 and has performed more than 21 million reconciliations since then. The platform currently reconciles over 85 percent of all uncleared over-the-counter (OTC) derivatives across more than 2,100 groups, including all major sell-side institutions. It added 150 clients and achieved an 8 percent increase in revenue in the last year. The platform will continue evolving to better help its clients navigate the changing regulatory landscape, while also increasing operational efficiency, according to the firm.
One upcoming focus area for triResolve is assisting firms in preparing for the Securities Financing Transactions Regulation (SFTR) trade reporting requirements that will go live in 2019. “We are working with several sell-side firms to get their houses in order and are encouraging them to proactively reconcile with their counterparties prior to the deadline,” Nilsson says. “By providing transparency and increasing data quality, triResolve enables firms to overcome the challenges presented by SFTR without vast additional resources.”
Users of the platform benefit from a centralized service model with a global network where counterparties share the same view and work together to resolve any differences. Nilsson adds that the service has moved reconciliation from a reactive function to a proactive exception-based workflow. This enables users to increase efficiency and manage risk, she says. As triResolve is a web-based service, there is no need for installation upgrades. Users can be operational within a day and receive support from triResolve’s service managers at no additional cost.
TriResolve is encouraging the market to adopt its dispute management functionality to help identify, monitor, record and resolve disputes in their portfolio. “We work with our clients to enhance the dispute management workflow to ensure it best serves their needs,” Nilsson says. “Using our extensive industry knowledge, we have developed a streamlined workflow, which flags disputes into appropriate categories, enabling users to prioritize investigations and rapidly resolve any differences.”
Clients are able to track disputes from inception all the way to resolution on triResolve’s case management dashboard, which actively engages clients in terms of automating tasks that were previously manually intensive and fragmented.
Bryan Cross, who heads UBS Asset Management's QED group, joins to discuss alternative data and AI.Subscribe to Weekly Wrap emails