Institutional Cash Distributors (ICD) have released ICD AutoPay™, a significant technological advancement for corporate treasury departments that strengthens payment security while streamlining the trade settlement process.
The ICD AutoPay settlement feature enables users to enter purchases on the ICD Portal and simultaneously authorize a secure wire settlement disbursement from their bank or their fund company:
Source & Copyright©2013 - Institutional Cash Distributors, LLC
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™ (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.
AutoPay™ Settlement Development
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.”
Like this item? Get our Weekly Update newsletter. Subscribe today