Global financial institution future-proofs recalls for T+1 with Pirum’s Recalls Manager

Rob Keane, Senior Product Manager

We are delighted to announce that Goldman Sachs has adopted our ‘Recalls Response’ feature.

Recalls issued from lenders can be automatically responded to by the borrower. This, in turn, updates the recall status and timeline within minutes.

The benefits offered by this feature for both the lender and borrower include:

• Efficiency and speed: Recalls are booked much faster than when processed manually;
• Reduced costs: Reduced errors, resulting in reduced costs from fails, penalties and overdraft costs;
• Full Automation: No human interventions for vanilla recalls, supporting T+1 settlements, globally;
• Consistency: Real-time updates that both sides can see / consume live; and
• Audit: Fully auditable record keeping.

Following North America’s move to T+1 last summer and South Korea lifting its ban on short selling, regulators worldwide, including the UK’s Accelerated Settlement Taskforce and the EU’s ESMA, are pushing for industry participants to automate their processes ahead of moving to T+1. 

Goldman Sachs’ collaboration with Pirum has been instrumental in educating market participants globally on the benefits of having an automated solution in place.

For further examples of automation best practice, look out for the article The T+1 conundrum facing the UK and Europe: Back to basics by my colleagues John Tootell, Head of Product Transition, and Amit Kohli, EMEA KAM Director, in the upcoming Securities Finance Times Tech Annual. 

To discuss any of the above, get in touch with Rob.