Major Tier 1 expands use of Inforalgo

 

Capital Markets data connectivity and integration specialist, Inforalgo (www.inforalgo.com) is seeing a surge of interest in its pre-configured Tradeweb solutions as financial broker-dealers seek more efficient ways to bring new trading venues and asset classes on line quickly and cost-effectively.

A global tier-1 financial institution has recently expanded its existing use of Inforalgo’s modular, automated straight through processing (STP) application, for capturing and processing Commercial Paper and Agency Discount Notes between TradeWeb and Bloomberg TOMS.   Previously the financial institution had delayed the decision to start trading these new instruments, due to anticipated difficulties integrating this workflow both internally and externally with their OMS to allow real time STP and transaction traceability. 

If the financial institutions in-house development team had created an internal project to facilitate this, the estimated time to deployment would have been several months at best - dependant on available resources to develop API’s from scratch.  The cost, meanwhile, would have compromised the business case for the expansion of trading on the platform. 

Inforalgo were able to bring down the turnaround time to just five weeks, thanks to its library of proven, pre-built adaptors.  These pre-built adapters only need minor adaptation for each broker-dealer’s particular configuration. 

The world-renowned financial institution, which has been a customer of Inforalgo’s straight-through processing solutions since 2007, has also benefitted from consolidated operational costs and risk by using a single integration partner. As well as being able to act swiftly, it has avoided new data fragmentation/silos and high costs, as would have been incurred if the financial institution had chosen to work with another supplier. 

“We simply built out the existing on-premise Inforalgo solution horizontally to support additional instruments by adding existing adapters and business rules.  They can still see and manage workflow and configuration, all in a centralized location.  This short time to market saves time and money. It allows the internal IT team to focus on more strategic projects such as front-office innovation,” says Phil Flood, Solution Consultant at Inforalgo. 

“It’s these kinds of benefits that have seen our popularity soar as an outsourced integration provider,” he adds, confirming that Inforalgo is currently in talks with a number of US broker-dealers about similar solutions, due to the perceived cost-efficiency and agility of leaving the integration and workflow automation to established experts.

“We’re independent, and our library of adaptors and repeatable workflow automation, means we can remove the pain and cost of straight-through processing as well as regulatory reporting for broker-dealer operations of any shape and size.”