IBM launches trade workflow tool for Canadian firms

IBM launches trade workflow tool for Canadian firms

IBM Securities Industry Services (SIS) has launched Trade Innovator for Workflow, a business process automation solution aimed at securities firms in Canada.

The new service, based on Web-based workflow automation applications, will initially be implemented at TD Waterhouse and will be used for online account opening and exceptions processing. IBM says other tasks, such as cheque requests and electronic funds transfer, can also be phased in.

The system monitors trades in real-time and notifies brokers of errors. Alerts can be sent to mobile phones, PDA's and other wireless devices. IBM says the service can also be used for automating other types of exceptions and can be customised depending on a company's requirements.

Leslie Keating, vice president and general manager, IBM SIS, says the solution will reduce paperwork and speed up the processing of brokerage transactions.

"Trade innovator delivers benefits in real-time and supports the seamless automation of the entire trade process," adds Keating.

Separately, Desjardins Securities - the brokerage division of the Canadian financial group - has signed a new five year IT services agreement worth $25 million with IBM Canada. The new deal is an extension of an existing contract.

Under the agreement, Quebec-based Desjardins Securities will implement a new account opening process based on the trade innovator for workflow service. IBM will also continue to provide real-time front and back office processing services.

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