Stockholm-based technology vendor OM has launched a workflow system designed to fully automate the corporate action process for financial institutions.
OneWorld Corporate Actions can reduce the manual effort spent processing corporate actions by up to 60 per cent, says Patrik Egervall, executive vice president, marketing and sales for OM division technology.
"As the focus on achieving a complete STP solution intensifies, the financial community is turning its attention to corporate actions, one of the last manual elements of settlement processing," he says.
The workflow system can be configured to process in a fully automated fashion - monitoring on an exception basis only - or to set individual processes for manual intervention. Additional features of the system include a robust exception system, the ability to monitor positions and terms throughout the event lifecycle, and full multicurrency, multi-market support.
OM reports three global financial institutions have signed contracts for OneWorld Corporate Actions, which is available either as a standalone solution or as part of OM's OneWorld Settlement system, with one scheduled to go live by year-end.