Comment by alexpotato
10 hours ago
It's amazing how much of "inter organization information flow" still happens over PDFs and/or just FTP'ing files around.
A couple jobs ago at a hedged fund, I owned the system that would take financial data from counterparties, process it and send it to internal teams for reconciliation etc.
The spectrum went from "receive updates via SWIFT (as in financial) protocol" to "small oil trading shop sending us PDFs that are different every month". As you can imagine, the time and effort to process those PDFs occasionally exceeded the revenue from the entire transaction with that counterparty.
As others have pointed out: yes, the overall thrust of the industry is to get to something standardized but 100% adoption will probably never happen.
I write more about the FTP side of things in the Twitter thread below: https://x.com/alexpotato/status/1809579426687983657
> the time and effort to process those PDFs occasionally exceeded the revenue from the entire transaction with that counterparty.
I'm interested in what the conditions were that didn't let you reject those kind of transactions, or blacklist them for the future.
We hear about companies firing/banning unprofitable customers sometimes, surprised it doesn't happen more often honestly.