Iress has announced that Maitland Fund Services is now live with its SmartHub low latency connectivity network across derivatives and fixed income, building on its equities capabilities.
Maitland’s clients are now able to electronically process orders, extending straight-through processing to these asset classes significantly reducing errors and saving time processing trades.
Iress’ head of sales and business development Stuart Campbell says: “Both the fixed income and derivatives markets in South Africa have been moving towards digitisation for some time, with the pandemic accelerating this trend, as well as the need for efficiency. We’re extremely proud to be helping South African firms like Maitland compete on a global scale through the use of technology.”
Maitland’s head of business development and client management for Africa, Andre le Roux, adds: “Iress has helped us improve our efficiency, service delivery and reduce risk. Most of our clients have traded their equities electronically for some time but the manual processing of derivatives and fixed income asset classes remained a challenge. Working closely with Iress is how we’ve now managed to automate this process.”
The Iress implementation has been an integral part of a larger initiative to increase automation and straight through processing. Enhanced by its robotic process automation efforts, Maitland has seen a 17,5% improvement in operational performance and 13 percentage point improvement in client satisfaction.
The Iress SmartHub is a low latent connectivity network for high volume, financial transactions among market participants.
It is designed to deliver cost and performance benefits across the front, middle and back office, reducing point-to-point connections and IT footprints across message protocols.