SAN FRANCISCO, June 20, 2019 /PRNewswire/ -- Cisco Systems, the global technology leader that has been making the Internet work since 1984, was highly commended by Treasury Today magazine's Adam Smith Awards for Best FinTech Solution, using ICD's AutoPay. This secure technology enables ICD clients to authorize trade execution and trade settlement with a single mouse click, improving efficiency and minimizing risk.
In a case study on ICD's AutoPay technology, Cisco's SVP, Treasurer & Global Risk Management, Roger Biscay explains, "ICD collaborated with Cisco throughout the entire AutoPay development process. We needed an automated payment methodology for our treasury department and ICD delivered a comprehensive and innovative solution that improves our efficiency, while reducing Cisco's trade settlement risk. I have always been impressed with ICD's ability to go to market with products that are ahead of the competition."
Cisco uses ICD Portal to manage all aspects of its short-term investments and worked very closely with ICD's product organization to craft the AutoPay technology.
"Since our inception, we've been focused on providing superior products and services," said ICD Co-founder & Managing Director Tom Newton. "Just as our risk management application Transparency Plus revolutionized our clients' ability to drill down into a fund's portfolio holdings, ICD's AutoPay technology now revolutionizes how clients securely wire money to settle their investments."
In addition to the award Cisco received from Treasury Today, ICD received notification this week from the US Patent and Trademark Office that AutoPay was awarded three utility patents, covering its innovative security processes and the TrueMark Encapsulated Security Token technology.
In the 2019 AFP Payments Fraud and Control Report, 82% of organizations reported incidents related to payments fraud. ICD's AutoPay mitigates the risk of cybercriminals, rogue traders and/or human error of sending funds to unapproved destinations with this patented technology.
"It is fantastic to see Cisco recognized for their use of AutoPay to not only improve the security of their trade settlement process, but also to see the impact it has had on the treasury organization's productivity," says Tory Hazard, ICD CEO. "We are also thrilled with the recent issuance of patents tied to the underlying functionality of AutoPay. The ICD Technology team worked very closely with Cisco to bring this game-changing technology to the market, which is now used extensively throughout ICD's client base."
ICD Portal is the leading independent solution for trading, reporting and analytics of institutional money market funds and other short-term investments. Since its inception in 2003, ICD has made an uncompromising commitment to delivering superior products and extraordinary service to its clients.
Michelle Saechao, ICD Communications Director