Gresham launches CTC
By Margaret Cappa
Gresham Computing has launched Clareti Transaction Control (CTC), a product that gives financial institutions the ability to create real-time, business-driven controls when new financial products are developed so that errors are identified early, and loss events are prevented.
“We’re trying to address the losses that some banks are making from not being able to process their transactions properly,” said Chris Errington, chief executive of Gresham Computing.
As financial products continue to become more exotic and complex, they are very difficult to manage under the existing technologies banks are using. The end result, he said, is that they’re losing money through inadequate controls on their products.
“Although banks have access to a great deal of technology, they actually can’t bend it enough to make it work for the wonderful, new, complex instruments they’ve created,” said Errington. “And so, they make errors.”
CTC is really targeted at a series of complex financial products. If one can understand the ingredients of a financial product from the outset, then a control can be developed to deal with those ingredients, said Errington. Gresham will work with its clients to create controls for complexities. “It’s not like a panacea, but it’s certainly flexible,” he said.
While many banks have told Errington that there is a great and distinct need for a product like CTC, not all are admitting that their current systems can’t handle controlling their complex financial products.
“What’s the elephant in the room?” asked Errington, “It’s the acceptance that there’s a problem. Being able to say, ‘okay, it’s not quite working the way we want it to, we’re using methods and process to control it, but actually, there’s probably a better way’.”
CTC is not meant to be a replacement technology; rather, Errington hopes it will complement existing systems that banks use, and potentially engage in future partnerships.
Comments