Pirum, a trusted technology partner for securities finance automation and collateral management, today announced that Interactive Brokers, an automated global electronic broker, has adopted CoacsConnect to automate corporate actions for its clients worldwide.
Pirum’s CoacsConnect offers a centralized solution for managing corporate actions, including income claims and voluntary corporate actions functionality. The solution caters to each client’s individual requirements and tech stack and currently processes on average US$3.8bn of corporate actions daily.
In selecting the CoacsConnect solution, Interactive Brokers set out to unlock efficiencies through strategic collaborations and mitigate risk in how the global firm processes corporate actions.
Interactive Brokers chose CoacsConnect, as a result of Pirum’s proven track record of best-in-class automation services, covering the entire securities lending trade life cycle, as well as the firm’s industry-leading connectivity across the securities finance ecosystem.
With CoacsConnect, Interactive Brokers intends to streamline its operations: clean up receivables, reduce email traffic, and accelerate response times with counterparts. Automated payments also mean quicker payment times and reduced open claim balances. In addition, the centralized solution was identified as offering a valuable risk mitigant, with full audit trails, updates, and alerts to identify and notify of time-critical actions to be taken.
Jacob Koopmans, Chief Revenue Officer at Pirum, said: “We are delighted that Interactive Brokers chose Pirum for automating corporate actions flows. Even within leading organizations, processing of corporate actions has traditionally relied heavily on manual processes. Thanks to forward-looking firms like Interactive Brokers, which insist on offering best-in-class services to their customers, this past practice is fast becoming outdated. We look forward to collaborating closely with the Interactive Brokers team, to support its roll out of automated and digitalized corporate actions, and to continue developing CoacsConnect, for the benefit of all our clients.”