Tesco Live with Misys Confirmation Matching Service
Tesco has moved to increase STP and boost risk management in its corporate treasury by introducing an automatic confirmation matching process for money market funds trades. The retailer has become the first corporate to use the expanded asset class functionality of Misys Confirmation Matching Service (CMS). Tesco went live with Misys CMS in December last year as part of a re-engineering programme in its corporate treasury and immediately began matching its foreign exchange and time deposit trades. Tesco has already matched over 1,500 trades in CMS this year. It also started trading money funds electronically through the TEX platform from 360T and Institutional Cash Distributors (ICD), and is now automatically confirming these through Misys CMS to enable end-to-end automation. By integrating its trading platforms, treasury management system and CMS, the retailer hopes to realise benefits of straight-through processing (STP). The service operates in a Software-as-a-Service (SaaS) environment, which the company says will allow customers to have free upgrades to the latest version running on the Misys Internet portal.