Sun, Metatomix and Claimonitor Launch Web-Based STP Claims Service
The development of Claimonitor, a web-based STP utility for automating transactions and market-related claims in the global custodian, investment banking, asset management and broker communities, has been announced by Sun Microsystems, Metatomix and Claimonitor. The new standards-based automation utility, scheduled to go live in July 2005, provides a solution for the STP trade cycle area of post-trade settlement events. These events include interest claims arising out of failed cash payment, FX, and securities transactions and interest due on over-draft balances of cash or nostro accounts. In addition, system functionality will allow for handling securities market buy-ins, market fines, and also securities dividend and stock entitlements arising from corporate action events on failing and open stock loan and borrow transactions. According to the International Securities Association for Institutional Trade Communications (ISITC) Europe, it is intended that the utility will become the industry standard procedure for settlement of claims disputes. Claimonitor was created to own and run the new service, including handling the automated capture, distribution, tracking, matching, exception management, real-time reporting and helps facilitate the actual claims settlement.