Scrittura incorporates WordML for trade documents

Scrittura, the New York-based technology firm specialising in document automation, has introduced WordML to its product range. The addition is aimed at speeding up the trade settlement process and reducing operational risk in documentation drafting.

In February, the UK financial regulator, the Financial Services Authority, expressed concern at the pace at which back-office systems deal with the settlement of credit derivatives, noting that some transactions remain unconfirmed for months. The ability to take snapshots of a trading entity’s current positions is compromised if there is a backlog of trades that have not been confirmed, the regulator said.

Scrittura believes its product should address some of these concerns, with the addition of WordML eliminating the need for the manual drafting of complex documents.

“Scrittura’s new solution will make a tangible impact to companies in streamlining operational efficiency and automation,” said John Lewis, Scrittura’s chief executive. “WordML also permits a new level of document complexity to be brought under the STP umbrella.”