Document Sciences today announced a partnership with Volante Technologies to automate the production and transmission of trade confirmations over a range of messaging systems.
Document Sciences leads the on-demand document management market, empowering clients with solutions for account on-boarding, contract negotiations, customized client collaterals and research solutions. Volante Technologies provides data management solutions for the financial services industry. Its award-winning technology provides the ability to model all aspects of data processing and communicate with diverse applications and financial networks.
Together the companies are developing the industry's first end-to-end solution for the OTC derivatives market that will match the confirmed trade to the original ISDA documents, thereby ensuring compliance, speeding transactions and reducing costly errors.
"By pooling our talents, Document Sciences and Volante will offer a truly unique solution to revolutionize contract negotiations, work flow management, risk mitigation and confirmation in the OTC derivatives space," said Jack McGannon, President and Chief Executive Officer, Document Sciences. "As a result of this partnership, financial services organizations will be able to eliminate manual processes, reduce costs and manage risk."
xPressConfirms™, part of Document Sciences' acclaimed xPression® 3 product suite, automates the production and delivery of OTC derivatives contracts and trade confirmations. Using xPressConfirms, contract negotiations and exception handling are streamlined, making trades easier to confirm and settle, lowering costs and reducing transaction time. Volante provides the communications interfaces using FpML (Financial products Markup Language), the business information exchange standard for electronic dealing and processing of financial derivatives instruments. FpML plays a key role by organizing financial data in a standard way that can then reliably be transformed to meet the requirements of each messaging system. Volante adds the ability to process this data without any hand coding — a unique approach that is also completely infrastructure agnostic.
"Document Sciences is expert in document automation for the financial services industry and we are experts in financial data management," said Vijay Oddiraju, Founder & CEO, Volante Technologies. "Our partnership will ensure that financial institutions can automate the full path from trade to confirmation receipt, meeting regulatory obligations and exceeding customer expectations."
Over 500 clients worldwide, including more than 60 Fortune 500 companies, use Document Sciences products in banking and financial services, insurance, managed-care, telecommunications, utilities and print service providers. Awarded the highly coveted EMC Designed for Documentum designation and built on an open, component-based architecture using J2EE and XML, xPression 3 seamlessly integrates with existing workflows to create and deliver highly customized real-time, interactive and high-volume business communications.
The Document Sciences and Volante derivatives solutions will be presented throughout SIBOS in the EMC booth (#F39), October 1 - 5, at the Boston Convention & Exhibition Center.