ICD Releases AutoPay(TM) Settlement Process Using Breakthrough Multi-Layer Security.
SAN FRANCISCO, Oct. 28, 2013 /PRNewswire/ –
-- Corporate treasury trading and risk management leader ICD introduces new trade execution "best practices" application. -- Encapsulated Security Tokens and Swift Messaging provide highly secure auto payment execution for approved cash channels through the ICD Portal. -- ICD AutoPay delivers treasury efficiency by eliminating manual wire tasks in the trade settlement process.
Institutional Cash Distributors (ICD) today announced the release of ICD AutoPay(TM), a significant technological advancement for corporate treasury departments that strengthens payment security while streamlining the trade settlement process. ICD is introducing this new core trading technology today at the 2013 AFP Conference, at Mandalay Bay, Las Vegas, Nevada.
ICD AutoPay increases efficiency by automating wire requests from approved trade orders. This eliminates the need for cash managers to login to their bank to request wires to settle purchase transactions. ICD AutoPay’s key differentiator is its proprietary TrueMark EST(TM) (Encapsulated Security Token) technology that locks in approved cash channels and requires a SWIFT message with matching bank details before wire requests are forwarded to the client’s bank. Banks will restrict cash channels, however, the restrictions must be on all money advances – not just on wire requests originating from a specific trading platform. ICD AutoPay mitigates the risk of cybercriminals, rogue traders and/or human error of sending funds to unapproved destinations.
ICD client, Cisco Systems, requested an auto payment solution as part of their continuing efforts to reduce risk and improve operational efficiency. ICD worked with Cisco and their custody bank in developing this proprietary solution. Mark Heyner, ICD Chief Technology Officer said, “The challenge was to send the wire request from an approved, compliant ICD Portal trade ticket without adding any executional risk. This was achieved with TrueMark EST technology, which enables us to offer an unprecedented level of transactional security to our clients.”
Cisco Treasurer Roger Biscay said, “ICD collaborated with Cisco throughout the entire AutoPay development process. We needed an automated payment methodology for our treasury department and ICD delivered a comprehensive and innovative solution that improves our efficiency while reducing Cisco’s trade settlement risk.”
ICD President & COO, Tory Hazard said, “A key area of ICD’s development is providing integrated solutions for our clients. ICD AutoPay is another focused example of that commitment. From the same trade ticket, trade information can be sent to the client’s treasury workstation, custodian bank, clearing bank and/or fund companies while updating client balances in ICD Portal and Transparency Plus exposure analytics, and generating a secure wire request to the client’s bank.”
About ICD: ICD is the world’s leading institutional investment and risk management company. ICD’s next-generation Software-as-a-Service portal, best practices methodologies and award-winning Transparency Plus® exposure analytics, support corporate treasury with end-to-end solutions. The ICD Global Trade Desk(TM) provides expert service out of San Francisco and London. ICD develops its own proprietary technologies through Institutional Cash Distributors Technology LLC in Golden, Colorado. Institutional Cash Distributors LLC is a FINRA/SIPC member. Institutional Cash Distributors Ltd is authorized and regulated by the Financial Conduct Authority in the United Kingdom. For more information, visit http://www.icdportal.com or email email@example.com.
Debby Barri, ICD Public Relations Director
SOURCE Institutional Cash Distributors