Goldman Sachs and AccessFintech developed the cross-industry service working with a major Tier 1 buy-side client to embed a process that allows for the real-time supervision and scrutiny of expected cash payments associated with derivatives trading.
Previously, derivative settlement processing has been operationally inefficient for buy-side clients and their brokers, with disputes often captured without sufficient time to resolve. Now, the ability to have a zero-touch settlement payment process with a digital workflow for collaborative dispute resolution, enables significant benefits.
Working with AccessFintech has enabled a zero-touch process through real-time settlement data sharing, systemic matching and a shared digital workflow. Buy-side and brokers both benefit from zero-touch processes, however, where breaks are identified, real-time dispute workflow and collaboration tools streamline the resolution process. This transformation enables joint focus on value-add activities; reducing repetitive manual processes and the need for outreach via email or phone to gather the latest status.
The introduction of this service focuses initially on Interest Rate Coupons & Cross-Currency Swaps, Credit and Equity Total Return Swaps with future expansion to other over the counter (OTC) derivatives, including CFD and Exchange Traded Equity Derivatives. A multi-bank Cash Payments Working Group, with Goldman Sachs’ support, recently launched to define the standards to deploy this across the industry.
Chris Daur, the Americas Client Coverage Group head for Goldman Sachs commented: “It’s impactful to partner with our clients on joint transformations, addressing current process inefficiencies and creating material value. We look forward to future opportunities.”
Brian Steele, Global Head of Market Solution at Goldman Sachs added: “We are excited about working with the Access Fintech team to launch this solution and create a common standard in this area. We think this will be of significant benefit to the industry.”
Roy Saadon, CEO of AccessFintech added: “The derivatives market has historic inefficiencies and we believe this cash affirmation service has the ability to be a game changer and create a new standard for the industry. With the foresight, diligence and innovative approach of Goldman Sachs and their client, we are excited to have brought this service to market, for the benefit of the whole ecosystem.”
About Access Fintech
AccessFintech uses technology to evolve the financial industry operating model. Its aim is to transform the model to drive control, transparency, efficiency and collaboration across the whole financial ecosystem. The company has a self-service ethos, where risk is mutualized, and there is better, more enlightened decision making across organizations and functions. It was founded in 2015 by a team of financial industry veterans with proven experience, creativity and expertise in driving efficiency and solving problems in the context of the global capital markets. AccessFintech has created and operate a unique network of financial industry participants, sharing data and collaborating on exception resolution of trades. 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. For further information please go to AccessFintech.com or follow us on LinkedIn or Twitter.
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 7 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.
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Previously, derivative settlement processing has been operationally inefficient for buy-side clients and their brokers, with disputes often captured without sufficient time to resolve. Now, the ability to have a zero-touch settlement payment process with a digital workflow for collaborative dispute resolution, enables significant benefits.
Working with AccessFintech has enabled a zero-touch process through real-time settlement data sharing, systemic matching and a shared digital workflow. Buy-side and brokers both benefit from zero-touch processes, however, where breaks are identified, real-time dispute workflow and collaboration tools streamline the resolution process. This transformation enables joint focus on value-add activities; reducing repetitive manual processes and the need for outreach via email or phone to gather the latest status.
The introduction of this service focuses initially on Interest Rate Coupons & Cross-Currency Swaps, Credit and Equity Total Return Swaps with future expansion to other over the counter (OTC) derivatives, including CFD and Exchange Traded Equity Derivatives. A multi-bank Cash Payments Working Group, with Goldman Sachs’ support, recently launched to define the standards to deploy this across the industry.
Chris Daur, the Americas Client Coverage Group head for Goldman Sachs commented: “It’s impactful to partner with our clients on joint transformations, addressing current process inefficiencies and creating material value. We look forward to future opportunities.”
Brian Steele, Global Head of Market Solution at Goldman Sachs added: “We are excited about working with the Access Fintech team to launch this solution and create a common standard in this area. We think this will be of significant benefit to the industry.”
Roy Saadon, CEO of AccessFintech added: “The derivatives market has historic inefficiencies and we believe this cash affirmation service has the ability to be a game changer and create a new standard for the industry. With the foresight, diligence and innovative approach of Goldman Sachs and their client, we are excited to have brought this service to market, for the benefit of the whole ecosystem.”
About Access Fintech
AccessFintech uses technology to evolve the financial industry operating model. Its aim is to transform the model to drive control, transparency, efficiency and collaboration across the whole financial ecosystem. The company has a self-service ethos, where risk is mutualized, and there is better, more enlightened decision making across organizations and functions. It was founded in 2015 by a team of financial industry veterans with proven experience, creativity and expertise in driving efficiency and solving problems in the context of the global capital markets. AccessFintech has created and operate a unique network of financial industry participants, sharing data and collaborating on exception resolution of trades. 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. For further information please go to AccessFintech.com or follow us on LinkedIn or Twitter.
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 7 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.
www.eternapartners.com
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