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SEEBURGER Confirmation Matching Service provides electronic confirmation matching, which allows you to automatically match your transactions with those of your trading partners.
Contract reviews can be a drain on resources, requiring time, effort, and multiple processes and solutions to get them to where they need to be. In order to keep pace with the growing speed and new requirements of regulatory agencies and to minimize costs, digitalization of these processes is critical. SEEBURGER Confirmation Matching Service (CM Service) makes it possible for any organization to simplify and speed the contract review process.
If you’re using SEEBURGER RRM+ Service or the Trade Reporting Solution (TRS), you already have the required connection to SEEBURGER and the existing ACER-XML files on the Post Trading Portal. This connection makes it possible to use the service without any additional effort.
If you are not a SEEBURGER RRM+ or TRS user you can easily use CM Service for fully automated confirmation matching by just sending your ACER-XML files to the CM Service.
SEEBURGER has the ability to compare the parameters of two trading partners for a common trade in the standard format, ACER XML, which contains all relevant fields for the comparison. Partners can import their business data into SEEBURGER CM Service in any format.
The CM Service receives and sorts the data, converts it to ACER-XML format, and compares the relevant data of each party with the other. A comparison of the Unique Transaction Identifier (UTI) is also completed, which improves matching accuracy and enables preselection. If the data match, both trading partners of the transaction receive confirmation within the service and the system marks the transaction with a green checkmark. If the files are different, both trading partners receive a negative response with the location of the discrepancy, and the transaction is marked with a red cross. The document comparison is completed in a fraction of the time it takes without automation.
As you can see in the above graphic, the process is fully automated on both sides. The only manual effort required is fixing errors found by the system. Smaller partners and those not connected to CM Service receive a link that allows them to confirm or correct the confirmations with a simple click.
The trading partner saves time, and significantly less manual effort is required for this process. On the other hand, existing requirements such as the four-eyes principle can be met by sending two separate mail links, and all files can be saved, printed and archived. For the company connected to the CM Service, the process remains completely automated, as you can see below. For the partners receiving the email link, the service is completely free of charge, which saves them cost and manual effort.
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