Interwoven, Inc. (NASDAQ:IWOV) announced a solution for buy-side financial institutions to automate the incoming confirmations process for Over-the-Counter (OTC) derivatives, extending Interwoven’s solutions within the financial services industry. The new solution, Scrittura BuySide, enables buy-side firms to achieve increased regulatory compliance and reduce trade processing times by automating and validating the confirmation process for OTC derivative instruments such as interest rate, credit, equity, FX, and energy. A Workflow Manager enables the automation of most manual processes, such as routing of incoming confirmations for matching to internal trading records; checking for legal language, approval and signature; and dispatch back to counterparty. Using fax server technology, the solution employs methods such as side-by-side views of received confirms and internal trade records, optical character recognition, and a matching engine to help professionals match inbound counterparty agreements to outstanding trades. Document management capabilities enable all associated trade documents and versions to move together through the workflow process until the trade is confirmed. The solution also enables these documents to be stored where they can be indexed and easily searched. Users can also dispatch trade documents automatically to any recipient via fax or e-mail.
A document generation engine creates and dispatches replies to dealer counterparties pinpointing incomplete or erroneous legal language and trade data. An audit trail allows the user to locate a document in the workflow process at any given time. Interwoven’s Scrittura BuySide Solution is available now.