AccessFintech, a UK-based fintech firm, announced on Monday it has formed a partnership with Citi, Credit Suisse, Goldman Sachs and JP Morgan. According to AccessFintech, Citi, Credit Suisse, Goldman Sachs, and J.P. Morgan have jointly launched a collaboration workflow utilizing the network to focus on settlements and supporting multiple asset classes.
“AccessFintech’s Global Data Network is a service where banks, custodians, buy-side, fund administrators and other interested parties can externalize data, agree on fail resolution parameters, visualize settlement breaks and prioritize and share their exceptions across the industry. The aim of the initiative is to reduce resources and improve resolution times in the settlements process.”
While sharing more details about the Network, Roy Saadon, CEO of AccessFintech, stated:
“By creating a shared workflow, all counterparties across the trading and settlement ecosystem will benefit through reducing time for exception resolution, offer better client servicing, minimize sanctions and ultimately reduce costs. We are continuously expanding the use case of the service where collaboration can maximize efficiencies across the market and the settlement resolution space is an example of that. All business processes are industry neutral and delivered open access, and market participants are providing their input to create standard workflows.”
Steve Morgan, Head of Markets Operations Solutions at Citi added:
“The current settlement process involves many participants to bilaterally clear trades. When trades do not settle on time, or process with exceptions, you can have as many as five establishments involved in the manual resolution which takes place over a chain of emails. We are excited to see the AccessFintech solution working in this space and to be a part of the increased collaboration across the industry. There are tremendous opportunities here for transparency, automation and greatly improved service for our clients.”