Germany's Commerzbank has implemented document imaging and workflow management technology from Scrittura which it is using to enhance back office processing of OTC derivatives transactions.
Commerzbank is using Scrittura's document imaging and workflow management tools to auto-generate trade confirmations for equity derivatives transactions for onward despatch to counterparties, in an effort to reduce paper-based processing, increase the speed of its transactions and eliminate manual intervention.
Stephen Andress, global head of OTC derivatives operations, Commerzbank, adds "Following the implementation of Scrittura, Commerzbank is beginning to reap the benefits of increased efficiency and risk reduction in equity derivatives processing."
The bank will extend the implementation of the Scrittura software to include fixed income and credit derivatives processing.
The vendor says its technology allows Commerzbank to gain and maintain complete control of its pre and post-transaction workflow. Says John Lewis, CEO, Scrittura: "The need to move towards a fully automated STP environment is a pressing challenge for firms trading OTC derivatives."