ProductTwo
ProductTwo
www.ProductTwo.com
ProductTwo
ProductTwo

ProductTwo

www.ProductTwo.com

The all-in-one document generator for professionals in finance and trading


What is ProductTwo?

After the success of our first SaaS solution Alloq Portfolio Management for portfolio managers, we launched our second SaaS solution named ProductTwo: an all-in-one document generator for professionals in finance and trading.

ProductTwo offers a standardized solution with which finance professionals can generate complex documents, including:

  • PRIIPs KIDs
    Packaged Retail and Insurance-based Investment Products Key Identity Document: a document that provides clear and transparent information on investment products that banks offer to consumers.
  • Term sheets
    A bullet-point document outlining the material terms and conditions of a business agreement.
  • CSA documents
    Credit Support Annex: a document detailing the terms for the provision of collateral by the parties in a derivatives transaction.

Our SaaS solution generates these and other documents in real-time, free of human error and in less than a second. ProductTwo is intuitive to use and can read the contents of Excel documents. Basic data is pre-filled, shorthands are supported and multiple languages are offered. Currently, ProductTwo is used worldwide by more than a hundred financial professionals.

Are you eager to find out what ProductTwo can do for your organization? Contact Tycho Vermeulen via tycho@vicompany.nl for more information, or request a demo at ProductTwo.com.


Introduction

The following case study shows a market application of the all-in-one document generator ProductTwo. This unnamed client served as a kickstarter for our SaaS solution. Although ProductTwo can generate all kinds of financial documents, this particular client specifically required 'term sheets'.

Problem definition

In early 2020, VI Company picked up on market signals that various derivative-selling parties were looking for a term sheet generator that could improve their sales-workflow.

Derivatives are complex financial products that consist of either one or multiple intermediate transactions. To clarify the terms of these transactions, term sheets need to be created. These term sheets contain all the details of the transactions in a format that must be human-readable.

One way to go about this is to create these term sheets by hand every time transactions are negotiated. However, this process is labor-intensive and time-consuming. The content of every single term sheet needs to be reviewed and approved before it can be handed over to the recipient. An additional complexity is that the terms of a transaction can change during the process of negotiation. This creates a situation in which human errors are bound to occur.

In order to simplify the process of creating a term sheet and eliminate human error, a standardized solution is needed that can generate these complex documents in real-time.

designer creating the flow of ProductTwo
*Image: UX Designer Jordi Lakerveld creating a user-flow.*

Our approach

After we clearly defined the problems faced by the market we started the development of a standardized solution. However, we ran into 3 challenges:

  • The solution should support many kinds of financial products, ranging from single swaps and options to complex derivatives that consist of a combination of products.
  • The generated documents have to be available in various languages depending on the recipient's locality.
  • Users should be able to import data from Excel.

Flexible Solution

First, we researched what kinds of financial products we would need to support and how those products were structured. The conclusion was that the solution required to be very flexible for it to satisfy the individual needs of our clients. Even though all the supported products are financial ones, their formats and contents can be worlds apart.

By allowing the documents to be generated in real-time, our clients can quickly offer multiple versions of a document to their customers and present all the available options.

Therefore, we came up with a solution that allows developers to quickly configure products based on the clients’ input. These product-configurations are stored in XML files, which are validated using schema-validation documents. This ensures that no structural error can come into existence.

The process of creating a new transaction:
The user starts with choosing the product type. After that, the chosen product configuration produces a form in which transaction-specific data can be entered. Preset values can be configured to speed-up this process. When the user is done entering the required data into the form, the pre-configured XML structure is combined with the provided data. This produces a Word file ready for download.

testing a generated document.
*Image: Back-End Developer Vincent Rutten in the process of checking a generated term sheet for bugs and errors during development.*

By allowing the documents to be generated in real-time, our clients can quickly offer multiple versions of a document to their customers and present all the available options.

Multilingual

The financial products currently configured in our solution are used all over the world. Most of our client’s transactions are done in English, but when dealing with local businesses in places in which English is not commonly spoken, the term sheets may be rendered in the language of the recipient. By having translated all the content upfront, our clients are able to switch languages at any point during the process of creating a term sheet.

Excel data-import

Excel is the keystone of the financial markets. Nearly everyone who works in this sector is an advanced user. Our clients are no exception. Oftentimes, schemas for transactions are generated by trading systems and outputted into an Excel document. Users can then copy-paste [part of] the content of the Excel document directly into ProductTwo without having to worry about corrupting the content.

Results

After 5 months of development, ProductTwo has been put into use by our clients. Since its delivery, ProductTwo has significantly sped up their sales workflows, eliminated human error, and reduced operating costs. Meanwhile, we continue the development of ProductTwo by improving on the existing software, and developing new features for our clients.


Contact us

Do you want to know what ProductTwo can do for your organization? Or perhaps you're interested in a different kind of SaaS solution? Contact Tycho Vermeulen via tycho@vicompany.nl for more information or request a demo at ProductTwo.com.

Koffie? Bel Kees op 010 714 44 57
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