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Paxos Trust Company, a New York-based exchange and stablecoin operator, has announced the expansion of its product platform with the launch of a Settlement Affirmation service.
The new service automatically verifies details including netted payment and delivery amounts and standard settlement instructions (SSIs) with counterparties. It can be used independently or together with the Confirmations service, which was launched in August 2018.
In its press release, Paxos said that the new function highlights how automation can improve the efficiency of the entire post-trade process, from confirmation to settlement.
Commenting on the launch, Alex Long, Product Director for Post-Trade, said:
“By introducing technological innovation and automation to established business functions, Paxos is increasing the speed of transactions, freeing up valuable time for the employees who manage these processes, mitigating risk and saving customers money. We've introduced the platform to players across the commodities, FX and energy markets, and we expect to accelerate the growth of this business into next year."
Alongside the launch, Paxos announced that it has confirmed more than 600,000 trades totaling over $1 trillion in notional value through its Paxos Post-Trade service offering, which automates trade confirmations for the FX and commodities markets to reduce errors and secure real-time reconciliation.
At the time of launch of the Confirmations service last year, Paxos had said that confirmation matching was the initial offering from its broader suite of products, which will use blockchain technology to simplify other post-trade processes including settlement for both sides of trades.
“We've come a long way since our launch last year - we've onboarded many clients and have increased the number of active institutions on our platform five-fold since the start of 2019,” Long said. “…today, we're confirming trades between our own customers and then also many of their clients and counterparties. We provide this service for hundreds of unique counterparty pairs, for more than 125 asset types in 16 countries and across all continents."
Last month, Paxos launched PAX Gold (PAXG), a gold-backed Ethereum token. The issuance is approved by the New York State Department of Finance Services (NYDFS), confirming that it is the “first gold-backed virtual currency in New York State.”
