Treasury
Every trade needs a confirmed counterpart
Unconfirmed trades are open risk
Each FX, money market and derivatives trade needs its confirmation matched against the counterparty's. Since SWIFT Accord was retired in 2017, many institutions match by hand or pay for an external service.
Counterparties confirm their own way
You cannot choose which matching service each counterparty uses. Matching has to work on the messages you send and receive, whatever sits on the other side.
A trade is a chain, not a message
Trades are amended and cancelled after they are confirmed. Operators need to see the current version of the trade and its history, not a pile of unrelated messages.
Mismatches need a person
When terms differ, an operator has to see which fields disagree, contact the counterparty and resolve it, and the resolution has to be traceable.
Where the Hub stops and your treasury system takes over
Handled by the Messaging Hub
Handled by your treasury system
Your treasury system produces the confirmations and receives the matching results through the Hub's standard connectors.
Confirmations matched where your messages already are
Matched, mismatched or unmatched
Sent and received confirmations are compared with two tiers of rules: the first decides whether they belong to the same trade, the second checks every term. The result is shown per trade, with the fields that disagree.
Business Matching →Cash flows in ISO 20022
The payments that settle your trades go out as pacs.009, and nostro statements arrive as camt.053. The Hub translates both for treasury systems that still work in MT.
ISO 20022 Migration →No separate matching service
Matching runs inside the Messaging Hub on the messages it already routes and archives. No data leaves your infrastructure and no counterparty subscription is needed.
SWIFT Modernization →Confirm, then settle the cash
| Flow | SWIFT MT | ISO 20022 | What the Hub does |
|---|---|---|---|
| Confirm | |||
| FX spot, forward and swap confirmations | MT300 | fxtr.014 (from MT300) | Matching, plus chaining of new, amended and cancelled trades |
| FX options | MT305 · MT306 | — | Matching |
| Loans and deposits | MT320 · MT330 | — | Matching and chaining |
| Forward rate agreements | MT340 · MT341 | — | Matching |
| Interest rate derivatives | MT360 · MT361 · MT362 | — | Matching |
| Commodities | MT600 · MT692 | — | Matching |
| Settle the cash | |||
| Funding and FX settlement payments | MT202 | pacs.009 | Translation both ways, CBPR+ validation and routing |
| CLS-related payments | MT202 CLS | pacs.009 CLS | Translation from MT to ISO 20022 (one direction), CBPR+ validation and routing |
| Nostro statements | MT940 · MT950 | camt.053 | Translation and routing to the back office |
Matching rules are preconfigured for every confirmation type listed and can be extended to any other message type. See Business Matching for how the two tiers of rules work.
Product for treasury
Messaging Hub
Confirmation matching runs as a module of the Messaging Hub, next to routing, archive and translation.