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Boston Options Exchange selects Firm58 for automated billing

04 February 2010  |  1663 views  |  0 Source: Firm58

Firm58, a financial management software provider, today announced The Boston Options Exchange Group, LLC (BOX), an all-electronic equity options market, has selected Firm58 to automate its billing processes.

The Boston Options Exchange Group is using Firm58's Software as a Service (SaaS) solution to manage bill calculation, invoice presentation and delivery, and revenue reporting. In addition, BOX exchange Participants can use Firm58's self-service Web portal to access detailed reports on trade activity at any time during the billing cycle.

"Replacing our in-house system with Firm58's billing solution delivers time and cost efficiencies for our exchange and benefits our Participants," said BOX CEO Tony McCormick. "Using Firm58's system allows BOX to continue its commitment to transparency and availability by offering Participants online access to trade details and invoice data on a daily basis."

The Firm58 billing solution provides BOX with detailed reports and more flexible rate schedules including the ability to bill based on clearing identification. At the end of each month, statements are automatically delivered to Participants via email. In addition to billing, Firm58 offers a suite of post-trade solutions that reduce costs and simplify the processes associated with fees, commissions and trader payouts.

"BOX joins a growing list of leading global exchange customers that understand the strategic benefits of SaaS-based billing," said Nick Fera, chief executive officer of Chicago-based Firm58. "At a time when IT budgets are shrinking and exchanges are looking to save costs, hosted software can bring about significant savings and efficiencies as well as improved customer service. We look forward to helping BOX continue its tradition of service."

 

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