CloudMargin reported that PPM America a division of UK-headquartered Prudential Plc has started using its cloud-based platform for managing margin calls and collateral requirements.
The platform is an all-inclusive solution that allows asset managers such as PPM America to fulfill their regulatory obligations while automating complex processes associated with managing collateral.
CloudMargin CEO Steve Husk said:
We’ve been able to provide PPM with a one-stop solution for all things collateral, from calculating margin to meet Variation and Initial Margin requirements, to reconciling trade-level positions, to enabling the firm to automate its collateral processes, including sending payment instructions directly via SWIFT to its various custodians.
This is the second major financial services firm to join the CloudMargin’s platform, which is the only such platform that is native to the cloud, after Deutsche Bank also moved its global collateral management to the platform last week.
PPM America is an investment management firm with $119.16 billion of assets under management as at 31 January 2019. The company will use the CloudMargin platform to manage its collateral margin workflow, for collateral optimization and trade reconciliation with futures commission merchants (FCMs) and counterparties (CCPs).
PPM has benefitted immensely from the deal as it has already streamlined its collateral workflows.
The company’s latest partnerships are not its first as it partnered with the CME Group (NASDAQ:CME) for collateral management three years ago.