A financial services firm with a leading trading platform set out to automate trade reconciliation (identifying and correcting trades made in error or incomplete) as their existing process required manual intervention and lacked historical reporting. They found proposed solutions costly and cumbersome, and less expensive solutions couldn’t scale.
Visibility - Track open trade corrections and report on the frequency, trade types or partners.
Accessibility - Enable access for employees & independent wealth managers.
Scalability - Establish a common and extensible platform and data structure.
Rockhop designed a solution using Power Pages and Power Automate to facilitate and automate the trade corrections process. The solution allows external, anonymous users to submit trade corrections and internal users to validate and complete the corrections where appropriate. The solution also incorporated verification communications back to the requester to confirm and create an audit trail for corrections.
The client is now able to analyze historical data to identify trends in corrections and accurately forecast and budget for anticipated corrections.
This solution has saved the client considerable time (45% faster), effort, and costs associated with trade corrections.
The increase in trade correction has lowered costs and liability, and the client is now more competitive within markets served.
