Credit Suisse has ‘internally’ launched AccessFintech’s newest solution, a platform that aggregates trade exceptions and provides risk management and resolution tools.
The Swiss bank said the new product reduces the time needed to resolve exceptions created from trading activities such as clearing, confirmations, surveillance, and credit monitoring, which require intervention to be resolved.
AccessFintech’s Global Exception Network, which recently passed a successful pilot, helps market participants across the Prime Brokerage industry streamline exception management resolution. This includes many disparate systems such as matching platforms, trading counterparties, settlement entities, and market infrastructures.
The platform also clears bottlenecks that could prevent trade settlements, including post-trade exception processing, which creates operational risk and drives a significant amount of inefficiency for all parties to a trade.
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AccessFintech was co-founded in June 2017 by former Traiana CEO Roy Saadon and the industry entrepreneur Steve Fazio. The Swiss lender was one of four banks that participated in the company’s series A funding round in 2018 when it raised $17.5 million investment from Citi, Credit Suisse, Goldman Sachs, and JPMorgan.
The private investment aimed to accelerate AccessFintech’s product development while allows benefiting from the growing number of institutions that harness its risk and exception management services.
All four banks have been working with AccessFintech on projects to increase market collaboration and reduce operational risk throughout the past year, individually and as a group.
The initiative also offered a real-time operational dashboard to spot exceptions aligned with an aggregated vendor monitoring platform and sandbox for testing new technologies.
Commenting on the news, AccessFintech CEO Roy Saadon said: “The existing settlement process involves many participants and is highly complex, bi-lateral and inefficient. The impact of this is due to increase with the enforcement of forthcoming Central Securities Depositories Regulation. Industry standardization is important to maximize efficiencies across the market, and our open access exception management service is a great example of that. We are excited to be working with Credit Suisse on this effort.”