SA International and Capital Market Brokers is implementing City Network's CityNet Broker Gateway product to automate confirmation processing at its South African operations.
CityNet Broker Gateway automates the construction and transmission of confirmation messages to financial institutions, extending the straight-through processing (STP) chain for brokers.
The product accepts deal details from the broker's existing system and automatically creates an electronic confirmation message to the recognised automated confirmation service (ACS) standard.
At SA International, the application will be used to handle deal details for foreign exchange, repo products, spot and forward and interest rate derivatives, and will replace an existing system developed in-house that sends confirmations via e-mail and fax.
Jose Navarro, SA regional manager for City Networks, says: "By enhancing the delivery of confirmations at SA International and Capital Market Brokers we can deliver improved transaction efficiency and increased STP rates."