Loffa Interactive Launches New Application to Automate the Quarterly Confirm Process
1 min read
Quarterly Broker StatementsTM (QBSTM); Automated Solution to Address SEC Rule 17a-13 Regarding Open Fail Verifications for DTCC and Non-DTCC Participants
Scottsdale AZ, January 8, 2010: The firm known for successfully developing applications designed to introduce paperless workflow solutions and improved efficiency to the Financial Services industry has introduced Quarterly Broker StatementsTM (QBSTM), a web-based solution intended to facilitate the traditionally manual and paper-intensive process of quarterly open trade verifications. The new application will allow participants to electronically verify and confirm all open Fail details including Borrows, Loans, and Repos.
Senior Vice President of Sales, Mark Roth states, “We gathered the valuable input of several industry firms when we set out designing the application to try and find out what pains they were experiencing with the process”. Roth continues, “What we discovered was the lack of a solid industry network has led to firms spending countless, frustrating hours and resources chasing a confirmation or dealing with non-respondent counter-parties. We knew then that it was important to include, within the solution, a constantly updated contact database to avoid single points of failure.”
Benefits of the QBSTM application include a centralized Dashboard through which all open transactions are centralized, custom reporting capabilities, and the ability to be utilized by both DTCC and Non-DTCC participants.