Cachematrix, a provider of institutional money market fund trading technology for banks and financial institutions, has announced that its technology is powering a re-launch of an upgraded money markets research and trading portal for Union Bank, named Union Bank MoneyPort.
With the addition of Cachematrix technology, Union Bank’s institutional trust & custody services group is now able to provide improved account management and compliance control features along with trading functionality to meet the needs of their client base investing in money funds.
George Hagerman, founder and CEO of Cachematrix, said: “Cachematrix is committed to providing our bank partners with the industry leading technology that they, and their corporate and institutional clients, have come to expect from us. As a SaaS firm, we remove the burden of building, housing and maintaining these systems by handling that internally. This saves our clients considerable time, costs and resources.”
Marianne Bamonte, senior vice president & business manager of institutional trust & custody services at Union Bank, said: “Union Bank’s commitment to providing this type of money markets portal technology, its direct integration with our core custody systems, and our dedicated custody portal account servicing team will allow our clients to more efficiently manage their global short-term liquidity needs.
It reduces money funds administrative cost, minimises errors and time spent with manual money funds management, improves trade audit and compliance controls, and provides better risk monitoring oversight.”