Cisco hails novel automated solution for unsecured manual settlement processes
As a treasury technology leader, Cisco was looking to streamline its day-to-day investing processes. The settlement process for money market fund trades required multiple signatures, faxes to the custodian and manual entry of the transaction details. Multiple parties would touch and key in information, and the outdated fax process was time consuming.
Possible risks associated with this manual process included the entering of incorrect information, late or failed wires for trades, and potential overdraft fees.
To solve this challenge, Cisco needed to find a solution that would automate the settlement process and, along with this, eliminate the need to send faxes to the custodian.