The challenge

A leading UK bank was looking to enhance its Global Markets business processes and upgrade their existing contract data process and systems. The goal was to implement a single data storage solution aimed at streamlining contract data operations, reducing human error, and minimising time and costs associated with manual data entry.

The client had a mandate to streamline their legacy systems and introduce cloud-based solutions to produce scalability and reduce costs. The initial scope covered was 20,000 agreements across 23 agreement types.

One main challenge with the clients’ legacy systems was the lack of linkage between their agreements (e.g. their ISDAs & CSAs), amendments and their underlying data causing manual data errors, time consuming searching and lack of trust in the data captured. The bank needed to improve agreement digitisation and automate data capture to reduce the manual processes.

Our response

To address these challenges, the client implemented Likezero’s software to replace the contract data operations process and systems with a golden source solution for collateral contracts. Our software was able to provide immediate value by linking the data to the corresponding documents amendments.

One of the standout features was our data model flexibility, allowing us to easily configure over 30 new attributes that the bank was previously unable to capture.

Following the implementation of Likezero, the client achieved a significant reduction in document processing time and is now in business as usual (BAU) for new and amended documents.

Business outcomes

• Risk mitigation: Achieved by automating data capture and cleaning and reconciling the data, we highlighted data that was captured incorrectly in previous systems, uncovering risks the client was unaware of – including missing data and draft agreements.

• Streamlined agreement processing: Agreement data capture process integrated into BAU.

• Advanced analysis capabilities: Ease of identification of agreements against counterparties.

• Time and effort reduction: Reduced the operational time and effort required to process new contracts.

• Improved traceability: Trusted agreement chain linking original documents to amends.

• Increased business opportunities: Operational users are now able to free up their time, so they can focus on bespoke exceptions and take on more value-add business opportunities.

Technical outcomes

• Replaced two hardware solutions with a cloud-based solution.

• Significantly reduced costs of hardware maintenance.

• Ensured data security and privacy.

• Custom outbound adaptors (data output) feed 3x more data than before.

• Handled out-of-order document processing.

• Supported migration from legacy to new margin system.

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