Kantox partners with Finastra to offer trade confirmation service

By Gloria Methri

Kantox, a Barecelona-based Currency Management Automation software provider, has partnered with Finastra to offer its clients a trade confirmation matching service. This integration helps 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 of 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.