UK bank launches cloud collateral management
This is the first time a regulated bank has adopted cloud technology to provide collateral management service, according to CloudMargin.
“It is a great honour for CloudMargin to have been selected by a bank and reinforces our belief that the collateral management world demands cutting edge innovation and is increasingly rejecting outdated technology platforms,” said Andy Davies, founder and CEO of CloudMargin.
The bank is using CloudMargin to manage collateral for their over-the-counter (OTC) derivatives and repo portfolios and comply with European Market Infrastructure Regulation (Emir) trade repository reporting obligations.
The firm claims the platform brings increased efficiency, control and insight to the bank’s OTC derivatives and repo portfolios, delivered at a lower cost of traditional in-house or application service provider (ASP) solutions.
It also said that onboarding was completed in under a month.
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