ipushpull, a leading platform transforming enterprise chat and message data into strategic assets, launches Trade Capture & Booking for streamlining the trade booking process for North American natural gas.

In partnership with Koch Energy Services (Koch), a leading physical gas trader in North America, ipushpull has integrated – and enhanced – Koch’s DealStream solution into the ipushpull platform to automate trade booking via chat, leveraging advanced AI technology to enhance accuracy and efficiency.

Natural gas traders communicate and transact on ICE Chat using a unique abbreviated language. The cutting-edge agent translates ICE Chat trader-speak into the trade details needed to book physical gas trades directly into a company’s energy trading risk management system. Trade Capture & Booking eliminates manual trade entry, reduces deal-booking errors and gives traders time back to focus on trading opportunities.

Trade booking errors are an industry-wide issue that can result in inaccurate positions and increased risk with implications across trading, risk management and compliance. Trade Capture & Booking automates these workflows across front, middle and back-office, reducing the likelihood of trade booking errors and providing a searchable, direct link to the original trade conversation for confirmations, settlements and compliance.

Matthew Cheung, CEO of ipushpull, said: “Being chosen by one of North America’s leading physical gas trading houses demonstrates the increasing importance of automating chat workflows in energy and commodities trading. We are thrilled to be working with Koch, deploying our AI-enabled solution to ensure bilateral trades conducted through ICE Chat are booked via the firm’s ETRM system efficiently and correctly.”

“As well as highlighting ipushpull’s international expansion, having Koch as a partner demonstrates how we are solving an industry-wide challenge: how to mitigate against costly fat finger errors or traders forgetting to book trades altogether, in markets increasingly dominated by chat. For us, demonstrating the effectiveness of our technology in the physical gas market is a stepping stone to expanding into other energy and commodities trading markets and cements our presence in North America.”

Darnell Bortz, Director Natural Gas Trading of Koch Energy Services, said: “We’re excited about this technology and the benefits we’ve seen in our business. We have 25 traders and have executed more than 35,000 trades through the platform with impressive results.  It decreased trade input time by about 75%, significantly reduced errors and enhanced overall employee experience.  Our team adopted the technology quickly because the process was easy and we saw immediate benefits. The tool has greatly improved our day-to-day work, and I believe this is just the beginning. I look forward to the future opportunities Koch and ipushpull working together can provide our business.”

Source: ipushpull