AccessFintech, which delivers collaboration, transparency, shared use cases and control to the financial industry, announces today that it has completed its production launch and is live with a new industry use case, to enhance and improve the market's settlement exception resolution process.

AccessFintech says it has partnered with four leading investment banks in this effort. Citi, Credit Suisse, Goldman Sachs and JP 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 says it provides a solution which resolves errors in the complicated and fragmented trade settlement process.

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. There are tremendous opportunities here for transparency, automation and greatly improved service for our clients."

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AccessFintech, which delivers collaboration, transparency, shared use cases and control to the financial industry, announces today that it has completed its production launch and is live with a new industry use case, to enhance and improve the market's settlement exception resolution process.

AccessFintech says it has partnered with four leading investment banks in this effort. Citi, Credit Suisse, Goldman Sachs and JP 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 says it provides a solution which resolves errors in the complicated and fragmented trade settlement process.

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. There are tremendous opportunities here for transparency, automation and greatly improved service for our clients."