14 Sep 2023
Pirum announces connectivity and interoperability to assist clients with the move to T+1 Settlement
As the financial market moves to T+1 settlement, Pirum announces connectivity and interoperability to automate recalls and callback messages.
With this innovation, FIS Securities Lending Processing Platform (formerly Loanet) clients can connect to their counterparts using Pirum’s post trade services or FIS’ Loanet platform, providing full interoperability and network coverage across the platforms.
This fully automated connectivity increases straight-through processing of recalls/callbacks, enabling clients to issue recalls and manage callbacks centrally, with full connectivity to trading counterparts across the two platforms.
Philip Morgan, Chief Executive Officer at Pirum said: “I am thrilled to announce this significant evolution ahead of T+1 regulatory change, which reiterates Pirum’s commitment to providing global automation and supports our expanded coverage in North America. Much like for SFTR, industry participants asked that service providers work together - we listened and reacted accordingly. It has been a pleasure working with Igor, Nancy and the whole FIS team to develop this.”