BNP Paribas Securities Services has installed CheckFree's straight-through processing (STP) platform, TradeFlow TPM, to automate the foreign exchange (FX) deal matching and settlement services it provides to clients.
TradeFlow TPM was implemented at the end of 2003 and processes FX trades from initial instruction to settlement, interacting with brokers, counterparties and custodians, in markets across the world.
For clients, the service enables end-to-end STP from the front office through to settlement and significantly reduces operating risk of FX trading operations.
The STP system has also enabled BNP Paribas to increase its capacity for handling volumes and cope with daily fluctuations.
BNP Paribas says it is also using the technology to continue developing hosted services following the its acquisition of UK investment outsourcing services firm Cogent in 2002. Nick Kirk, head of BNP Paribas' UK investor services business, says: "This implementation represents a further step forward in the development of our best-of-class outsourcing capabilities."
CheckFree acquired the Tradeflow TPM system when it bought UK vendor Heliograph in November last year.