eClerx and FIA Technology Services, Inc. (FIA Tech) have announced a partnership to improve efficiency across FIA Tech’s operations, data processing, and other industry utility-based services.
The first initiative stemming from the strategic partnership is a centralized, EGUS (Electronic Give-Up Solution) document digitization solution. EGUS is FIA Tech’s web-based application that streamlines give-up processing resulting in financial savings to brokers, customers and traders. It provides an automated workflow for the execution of give-up agreements and captures rates in an electronic format that can flow into downstream systems.
This solution combines eClerx’s domain and process excellence capabilities with that of Semantic Evolution, which has developed leading edge technology for extracting unstructured data. Executing brokers will now be able to use EGUS as a low cost, scalable solution to implement electronic brokerage rate schedules, improving brokerage settlement processes for their firm. It will also further industry efforts to use EGUS as the golden source of reference data for commissions and fees, improving the ability for the entire FCM community to accurately track and account for brokerage fees.
The partnership between eClerx, a specialist in Business Process Outsourcing, and FIA Tech is in response to industry requests to solve a number of shared challenges, including the need for common data standards such as accurate rate and commission data to ensure precise and efficient commission payment processing, as well to enable systematic forecasting, reconciliations, and insightful operational analytics.
Stephen Ingle, eClerx’s Global Head of Financial Services Head of Product and Business Development said, “We are exceptionally happy to be partnering with FIA Tech to deliver projects that will positively impact the cleared derivatives industry. This relationship with the FIA is a logical extension of the critical operational support that eClerx provides to a number of the largest global financial institutions. Our ability to now deliver solutions to the whole industry through the FIA’s member base will ensure that all brokers gain the same deep domain expertise, improved time to market, and technology advantages that eClerx delivers on clients’ engagements today.”
Nick Solinger, President of FIA Tech, said, “We’re excited for this partnership as it allows us to improve our services to our customers. We’ll be able to provide increased operational efficiencies, improved data quality for brokerage operations, and the ability for our users to leverage eClerx’s derivatives domain expertise in conjunction with FIA tech’s services. Existing customers of FIA Tech will gain access to the range of eClerx services through FIA Tech’s market-tested framework with the attendant benefits in the form of common technology, oversight, and conformance with data protection policies and security standards.”
“Our first initiative together aims to digitize the large number of manual eRates schedules on EGUS today. We anticipate that this will provide immediate industry benefits through improving automation and reducing reconciliation breaks in downstream billing and brokerage functions,” said Stephen Ingle.
FIA Tech has shared this initiative with its EGUS (Electronic Give-Up Solution) user group, and has held informational webinars to educate its membership about the availability of eClerx as an industry-leading, ready option to mitigate bottlenecks from reconciliation, data processing or other operational challenges.
eClerx provides critical business operations services to 135+ global companies, including many of the world’s leading financial services firms, online retail and distributors, interactive media and entertainment, high tech and industrial manufacturing, travel and leisure, and software vendors, through operational support, data management and analytics solutions. Incorporated in 2000, eClerx is India’s first and only publicly listed knowledge processing (KPO) company and is today traded on both the Bombay and National Stock Exchanges of India. eClerx was ranked as one of Forbes Asia’s 200 Best Under a Billion List and named as finalist in Teleos’ Most Admired Knowledge Enterprise award. eClerx employs over 9,000 employees across its global delivery centers and offices in Verona, Phuket, Mumbai, Pune and Chandigarh plus global client relationship locations in New York, London, Philadelphia, Silicon Valley, Austin, Dublin, Milan, Munich, Hamburg and Singapore. For more information, please visit www.eclerx.com.
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About FIA Tech
FIA Tech is a for-profit subsidiary of FIA that works with the listed derivatives industry to address operational inefficiencies that benefit from industry solutions. FIA Tech was founded in 2008 and operates the industry solutions for give-up documentation (EGUS), brokerage invoicing and settlement as well as ownership and control regulatory reporting for swap dealers, FCMs and exchanges globally.
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