TruePTS is the name given to a new artificial intelligence (AI) post-trade platform that uses proprietary matching and validation engines to automate back-office functions. It features a simple, ‘no-touch’ processing ecosystem that moves faster and more efficient than any similar system that came before it.
The global derivatives market is estimated to be worth around $700 trillion and TruePTS is there to help this industry run smoothly by bringing automation, innovation, and choice to those who process derivatives.
The idea behind TruePTS is to use cutting-edge technology to allow companies to carry out efficient, comprehensive, high-volume processing to decrease costs through automation. It specializes in providing post-trade workflows via its AI platform. By using TruePTS financial institutions can automate some of their data-driven tasks leaving qualified staff to concentrate on making more money.
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The AI platform, which is owned by US swap execution facility (SEF) trueEX, “creates a continuous and duplicative activity that absorbs a significant amount of operational capacity within firms…as a result, downstream processes such as collateral management, reporting, and settlement continue to experience processing breaks and mismatches of trade information.” It also uses AI voice technology to enable auto-matching and direct clearing as well as the automation of OTC derivative processes.
The platform’s first users are global banking giants Citi and JPMorgan. These are two of the biggest swap dealer in the US. “We look forward to working with truePTS and the other market participants to develop new processing solutions for our clients,” said global head of markets middle-office JPMorgan, Kieran Hanrahan.
Just as one relationship with MarkitSERV comes to an end, another two appear in its place: welcome Citi and JPMorgan. “We will be the catalyst that provides transparency, increases efficiency and lowers costs for our clients by leveraging the most progressive technology,” said CEO of truePTS, Zohar Hod. “We’re able to leverage the industry leaders’ strategic input, particularly as we address the challenge of scale with other clients to become the new benchmark in the post-trade processing industry.”
The newly formed partnerships with both Citi and JPMorgan will help to bring various AI applications into play. It will also bring innovation, choice, and automation to the derivatives market. It will also help truePTS develop more advanced technology solutions. More industry players are expected to jump onboard with TruePTS within the next few months.