Kingfield and Pirum have collaborated to develop connectivity to assist clients in fully automating income claims. With this new connectivity, mutual clients using Kingfield’s solutions can leverage Pirum’s CoacsConnect service, linking to all their trading counterparts. This allows matching, reconciliations, and automation of the payment of income claims for cash-related corporate action events associated with securities lending and repo transactions. This fully-automated connectivity increases straight-through processing, enabling counterparties to remit claims on pay date, significantly reducing capital requirements due to unsecured credit risk. This ultimately reduces, in a significant way, manual operational processing for financial institutions across the marketplace.

John Rodefeld, CPO, Co-founder at Kingfield, said: “The ability to successfully develop constructive partnerships with key market participants such as Pirum ultimately delivers a more valuable product to all service providers and clients. This strategic operating model approach underpins all of Kingfield technology operations solutions.”

Robert Frost, Global Head of Product at Pirum said: “Our mission at Pirum is to fully automate all aspects of the securities finance workflow. The Kingfield collaboration greatly assists mutual clients achieve the end-to-end connectivity and full automation. With rising interest rates there is an increased focus on financial resource management and automation and as a result our CoacsConnect network continues to expand”.