State Street integrates Collateral+ platform with Pirum’s CollateralConnect service
State Street Corporation (NYSE:STT) announced today the integration of its Collateral+ platform with Pirum’s CollateralConnect service to support mutual clients with collateral management and optimization.
This collaboration builds on a series of investments in the Collateral+ suite, which was recently expanded to include the Tri-Party service, which enables buy-side firms to optimize collateral usage and efficiency when posting margin to meet initial and variation margin commitments.
CollateralConnect leverages Pirum’s extensive connectivity with State Street to provide intelligent, straight thru processing which streamlines intra-day margining, automates collateral coverage and drives efficient collateral usage and mobilization. This provides connectivity, workflow, and automation to State Street Tri-Party collateral service.
“As markets continue to evolve, firms will have more and more complex collateral management needs,” said Staffan Ahlner, global head of Collateral Management, State Street. “We are delighted to announce this collaboration with Pirum, which will further elevate our collateral posting capabilities on behalf of our clients while enhancing our operational efficiency.”
“We are proud to help clients leverage the State Street Collateral+ and triparty platform to achieve better operational and financial efficiencies with relatively minimal time and effort on their part,” said Phil Morgan, CEO of Pirum. “Our CollateralConnect solution offers firms an easier way to connect to State Street, to share data, automate processing and drive better client outcomes.”