Citi, Credit Suisse, Goldman Sachs and J.P. Morgan have jointly launched an industry-wide collaboration workflow utilizing AccessFintech’s Global Data Network, focusing 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.
“Exceptions” are transactions that are entered into a financial institution’s system, but fail to process. Settlement fails are expensive and slow to process, investigate and resolve, the cost of which is due to grow with the enforcement of forthcoming Central Securities Depositaries Regulation (CSDR) regulations. AccessFintech provides a solution which resolves errors in the complicated and fragmented trade settlement process, by providing a seamless tool at the operating level of financial institutions.
Roy Saadon, CEO of AccessFintech, said: “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 said: “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.”
Tom Damico, Global Head of Equities Operations at J.P. Morgan commented: “We are always looking for better industry collaboration tools to improve the efficiency of our post trade process, reducing costs for both market participants and our clients. The ability of AccessFintech to enable multiple firms and buy-side participants to share information real time and clear post trade exceptions in a controlled and cost effective manner is a critical step along that path.”
Brian Steele Managing Director, Global Head of Market Solutions at Goldman Sachs, said: “Goldman Sachs continues to focus on enhancing our front-to-back client experience through innovative solutions and collaboration with industry partners. AccessFintech is supporting this industry transformation by moving away from email and into a digital, data-driven environment across post-trade exception management.”
Karen Newton, Head of Global Markets and Investment Banking & Capital Markets Operations at Credit Suisse, said: “Alongside our peers we have successfully implemented a workflow between Credit Suisse and other participants via the AccessFintech UI, which enables us to radically improve the management and resolution of exceptions across the industry. We are very excited to leverage this sophisticated technology and view it as a key component of the future exception management process. Ultimately, we see this as a tool to better serve our clients and we look forward to collaborating to support further adoption.”
About AccessFintech
AccessFintech is a leading financial technology company which is the industry ‘exception’ portal, delivering control, transparency and collaboration into the operating models of financial institutions. AccessFintech’s system agnostic Global Exception Network service provides intelligence through analysis of exceptions, association of risks and enabling collaboration on resolution. Linking together in-house technology, incumbent providers and fintech innovation enables customers to view a full lifecycle of actions in a compressed, prioritized and mutualized dashboard. The technology is designed in such a way that clients can quickly and easily adopt the service without significant resource allocation, enabling firm to control their risk management practices while increasing the number of services consumed.
accessfintech.com
Eterna Partners Limited is private limited company registered in England and Wales with registered number 10886164 and VAT registered number 283406305. Our registered office is at 1 Henrietta Street, Covent Garden, WC2E 8PS. Eterna Partners Limited is a member of the Public Relations Consultants Association (PRCA) and adheres to the PRCA's Code of Conduct and Professional Charter. This message is intended solely for the addressee and may contain confidential information. If you have received this message in error, please send it back to us or contact our office on +44 020 3911 0350, quoting the name of the sender and the addressee, and immediately and permanently delete it. Do not use, copy or disclose the information contained in this message or in any attachment. Please note that whilst we have taken steps to ensure there are no viruses contained within this e-mail and any attachments, it is your responsibility to ensure they are scanned and virus free. Neither Eterna Partners Limited or the sender accepts responsibility for any interception of this e-mail by unauthorised persons and please be aware that internet e-mail is not a completely secure method of communication.
eternapartners.com
© Eterna Partners Limited
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.
“Exceptions” are transactions that are entered into a financial institution’s system, but fail to process. Settlement fails are expensive and slow to process, investigate and resolve, the cost of which is due to grow with the enforcement of forthcoming Central Securities Depositaries Regulation (CSDR) regulations. AccessFintech provides a solution which resolves errors in the complicated and fragmented trade settlement process, by providing a seamless tool at the operating level of financial institutions.
Roy Saadon, CEO of AccessFintech, said: “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 said: “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.”
Tom Damico, Global Head of Equities Operations at J.P. Morgan commented: “We are always looking for better industry collaboration tools to improve the efficiency of our post trade process, reducing costs for both market participants and our clients. The ability of AccessFintech to enable multiple firms and buy-side participants to share information real time and clear post trade exceptions in a controlled and cost effective manner is a critical step along that path.”
Brian Steele Managing Director, Global Head of Market Solutions at Goldman Sachs, said: “Goldman Sachs continues to focus on enhancing our front-to-back client experience through innovative solutions and collaboration with industry partners. AccessFintech is supporting this industry transformation by moving away from email and into a digital, data-driven environment across post-trade exception management.”
Karen Newton, Head of Global Markets and Investment Banking & Capital Markets Operations at Credit Suisse, said: “Alongside our peers we have successfully implemented a workflow between Credit Suisse and other participants via the AccessFintech UI, which enables us to radically improve the management and resolution of exceptions across the industry. We are very excited to leverage this sophisticated technology and view it as a key component of the future exception management process. Ultimately, we see this as a tool to better serve our clients and we look forward to collaborating to support further adoption.”
About AccessFintech
AccessFintech is a leading financial technology company which is the industry ‘exception’ portal, delivering control, transparency and collaboration into the operating models of financial institutions. AccessFintech’s system agnostic Global Exception Network service provides intelligence through analysis of exceptions, association of risks and enabling collaboration on resolution. Linking together in-house technology, incumbent providers and fintech innovation enables customers to view a full lifecycle of actions in a compressed, prioritized and mutualized dashboard. The technology is designed in such a way that clients can quickly and easily adopt the service without significant resource allocation, enabling firm to control their risk management practices while increasing the number of services consumed.
accessfintech.com
Eterna Partners Limited is private limited company registered in England and Wales with registered number 10886164 and VAT registered number 283406305. Our registered office is at 1 Henrietta Street, Covent Garden, WC2E 8PS. Eterna Partners Limited is a member of the Public Relations Consultants Association (PRCA) and adheres to the PRCA's Code of Conduct and Professional Charter. This message is intended solely for the addressee and may contain confidential information. If you have received this message in error, please send it back to us or contact our office on +44 020 3911 0350, quoting the name of the sender and the addressee, and immediately and permanently delete it. Do not use, copy or disclose the information contained in this message or in any attachment. Please note that whilst we have taken steps to ensure there are no viruses contained within this e-mail and any attachments, it is your responsibility to ensure they are scanned and virus free. Neither Eterna Partners Limited or the sender accepts responsibility for any interception of this e-mail by unauthorised persons and please be aware that internet e-mail is not a completely secure method of communication.
eternapartners.com
© Eterna Partners Limited
Finyear & Chaineum
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Chaineum :
Fondée en 2015, Chaineum est une boutique STO offrant une expertise de premier plan en matière d’ICO et STO, avec une vision stratégique orientée tant vers le métier de ses clients que sur la technologie blockchain. A ce titre, Chaineum a participé à la mise en œuvre de bonnes pratiques dans le secteur (ICO Charter, Security Token Network).
La division services blockchain de Chaineum, développe la technologie Chaineum Segment, une blockchain privée orientée objets.
About Chaineum:
Founded in 2015, Chaineum is a STO Boutique with a strong expertise in ICO and STO, and a strategic focus on both its clients' business and blockchain technology. As such, Chaineum paved the way in the implementation of certain best practices in this sector (ICO Charter, Security Token Network).
Chaineum's blockchain services division, is developing Chaineum Segment technology, an object-oriented private blockchain.
-------------------------
Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises en finance digitale, corporate finance & crypto finance.
Read for free The daily newspaper Finyear & its daily newsletter.
Receive the Finyear's newsletter every morning by email, a daily snapshot of the best news and expertise in digital finance, corporate finance & crypto finance.
------------------------
Chaineum :
Fondée en 2015, Chaineum est une boutique STO offrant une expertise de premier plan en matière d’ICO et STO, avec une vision stratégique orientée tant vers le métier de ses clients que sur la technologie blockchain. A ce titre, Chaineum a participé à la mise en œuvre de bonnes pratiques dans le secteur (ICO Charter, Security Token Network).
La division services blockchain de Chaineum, développe la technologie Chaineum Segment, une blockchain privée orientée objets.
About Chaineum:
Founded in 2015, Chaineum is a STO Boutique with a strong expertise in ICO and STO, and a strategic focus on both its clients' business and blockchain technology. As such, Chaineum paved the way in the implementation of certain best practices in this sector (ICO Charter, Security Token Network).
Chaineum's blockchain services division, is developing Chaineum Segment technology, an object-oriented private blockchain.
-------------------------
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