Bank of America goes live on securities platform from Wematch and Pirum Systems
Bank of America has gone live on a new securities lending platform from Wematch and Pirum Systems.
The platform, described by the two vendors as a “fully integrated front to back service solution for clients,” facilitated its first end to end securities finance transaction at BoA on 10 June.
BoA clients can match and negotiate trades in Wematch and connect with Pirum to manage all post-trade lifecycle events.
Wematch, which counts JP Morgan and Société Générale among its investors, laid the groundwork for an expansion into the US with the hiring of its first US-focused sales position back in May.
The firm’s matching platform had previously gone live across Europe, the Middle East and Africa (EMEA).
In preparation for its US push, it hired Jane Mann from FGC Securities, a US broker-dealer.
David Raccat, head of EMEA at Wematch, says that its interoperability with Pirum on securities lending is “completing our current offering with a fully low touch workflow” and adds that his firm “is convinced this upgraded setup will benefit all dealers”.