More NewsB2 RCP Launches Pay-per-use Voice Trade Confirmations Service

B2 RCP Launches Pay-per-use Voice Trade Confirmations Service

B2 RCP, the London-based foreign exchange (FX) post-trade specialist arm of European financial software and services vendor B2 Group, has launched B2 RCP E–confirmations, a voice trade confirmations service for FX and other asset classes.

The service is delivered as a pay-per-use solution from B2’s financially regulated data hub in Luxembourg. For each voice trade executed with their clients, banks send a secure message to the data hub, which contains the details of the trade and the way in which the customer will confirm it. B2 RCP E-confirmations will then confirm the trade with the customer and send a confirmatory message back to the bank when the process is completed. If the trade is disputed it will be added to an exceptions queue, which is managed by the bank’s confirmations team using the B2 RCP E-confirmations Exception Gateway to resolve the dispute.

Paul Burgess, chief executive officer (CEO) of B2 RCP, said: “While a growing proportion of FX trades are transacted over the numerous electronic trading venues, a significant proportion of trades where a bank offers any sort of advice to its customers are still done over the telephone. The problem that banks face with voice trades is that in any voice conversation there are sometimes two different perceptions of what has been agreed. This can only be resolved by a formal confirmation process.”

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