Kantox Integrates with Finastra for Confo Service

Currency management technology provider Kantox has integrated Finastra’s Confirmation Matching Service (CMS) into its offering, meaning users are able to reduce manual errors and, potentially, the firm adds, improve security.

Under the integration, once Kantox initiates trades, details are sent to Finastra’s service, via an API, where they are automatically matched with the banks’ confirmations of those trades.

This helps users with trade accuracy and eliminates the risk of discrepancies between trades requested by clients and those executed by banks, the firm says, adding that any mismatch is automatically identified and flagged for immediate attention. “This reduces errors, streamlines reconciliation, and potentially improves security, especially for exotic currencies prone to manual typos,” the firms say. Michael Scimmel, chief commercial officer at Kantox, adds, “With this integration, Kantox is further strengthening the automation of the post-trade workflow for treasurers.”

Hach Hashasian, general manager CMS at Finastra, adds, “Integrating in this way aligns with our API-first technology strategy, and in accessing Finastra’s Confirmation Matching Service, Kantox customer benefits include increased STP and a potential reduction in post-trade operational risk.”