Kantox Partners With Finastra To Offer Trade Confirmation Matching Service

Kantox to provide enhanced post-trade offering via Finastra’s Confirmation Matching Service

New integration will provide an automated trade confirmation matching service, reducing operational and financial risk for Kantox customers.

Kantox, a leading Currency Management Automation software provider, has announced a new partnership with Finastra, a global provider of financial software applications, to offer a trade confirmation matching service to Kantox clients. This integration helps to ensure that trades triggered by Kantox's platform are identical to those executed by the banks, eliminating manual errors, and potentially improving security.

The Kantox solution automates the end-to-end FX workflow, from pre-trade to post-trade. Through this collaboration, once Kantox initiates trades, details are sent to Finastra's Confirmation Matching Service (CMS), where they are automatically matched with the banks' confirmations of those trades. 

Kantox and Finastra's integration via API (Application Programming Interfaces), helps users with trade accuracy and eliminates the risk of discrepancies between trades requested by clients and those executed by banks. Any mismatch is automatically identified and flagged for immediate attention. This reduces errors, streamlines reconciliation, and potentially improves security, especially for exotic currencies prone to manual typos.

"We are excited about the partnership with Finastra. By integrating the Kantox and Finastra solutions, our clients benefit from the market-leading trade confirmation matching service. With this integration, Kantox is further strengthening the automation of the post-trade workflow for treasurers," said Michael Schimmel, Chief Commercial Officer at Kantox.

Hach Hashasian, General Manager CMS at Finastra said, "As the leading post-trade matching service, Finastra is pleased to partner with Kantox to help increase automation and digitalisation in the front- to back-office workflow. Integrating in this way aligns with our API-first technology strategy, and in accessing Finastra's Confirmation Matching Service (CMS), Kantox customer benefits include increased STP (Straight Through Processing) and a potential reduction in post-trade operational risk."

Finastra CMS is a confirmation matching solution for Foreign Exchange, Money Market, FX Options, Exotic Options, Commodities/Metals, Call/Notice Loan/Deposit transactions, and has over 1400 clients worldwide. It is a multi-bank, multi-asset class solution providing a single window for post-trade confirmation requirements.

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ABOUT KANTOX

Kantox is a leader in Currency Management Automation software. Its solution simplifies the lives of treasurers and CFOs by automating the complex and time-consuming foreign exchange management process. 

Since its establishment in 2011, Kantox has garnered the trust of clients across 75 countries. Its innovative platform covers the entire FX process, from accurately pricing products and services with real-time exchange rates to effectively hedging currency risk and optimising cash management.

As of July 2023, Kantox is a BNP Paribas company. Kantox will continue to operate as an independent company, now with the experience and market power of BNP Paribas behind it.

The company is headquartered in London and authorised by the Financial Conduct Authority (reference number 580343), and Kantox European Union, S.L. is based in Barcelona and authorised by the Bank of Spain (reference number 6890).

For more information, visit www.kantox.com, @Kantox, LinkedIn. 

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ABOUT FINASTRA

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

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