Scrittura upgrades document management platform
Scrittura, the leading provider of documentation automation technologies, has today announced the launch of Scrittura Version 4.0, a web-delivered technology platform providing document management, confirmation and straight-through-processing for OTC derivative, legal, corporate trust and HR business processes.
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Scrittura automates the paper-based trading processes of firms dealing with time-sensitive contractual documentation and complex business transactions. Scrittura V4.0 introduces a new database model offering enhanced performance to firms in the OTC derivatives market dealing with rapidly increasing trading levels.
According to the Bank of International Settlements, reported notional amounts of OTC derivatives outstanding was $142 trillion US at the end of 2002, growing at an annual rate of approximately 25% - with transaction volumes at large firms increasing over 70% year over year. The enhanced database at the core of Scrittura V4.0 will enable derivatives market participants to grow their businesses in line with increasing trading volumes without experiencing prohibitive levels of risk or cost.
John H. Lewis, Chief Executive Officer, Scrittura comments: "The continued large-scale growth and effectiveness of the OTC derivatives business depends on the ability of firms of all sizes to stay on the right side of the compliance curve, efficiently execute transactions, process new complex instruments and keep up with volume. Any firm unable to meet all of these objectives will lack the ability to sustain their business in OTC derivatives. Scrittura V4.0 enables clients to address the growth in transaction volumes by becoming volume insensitive through automation."
Industries worldwide are facing greater documentation challenges due to an increasing need to verify data, expedite transactions and comply with current regulatory standards. The growing recognition of the need to manage 'document risk' as a part of operational risk has led to escalating demand for Scrittura amongst financial and legal professionals.
John Lewis continues: "The lack of automation in documentation is of mounting concern to firms in many industries where paper-based processes are inhibiting efficiency, risk control and business growth. Scrittura helps to address these concerns through documented work processes, workflow modelling, status reports and archival for off-site backup."