Credit Suisse has announced the internal launch of AccessFintech’s trading exception management solution, taking, the bank says, an important step towards streamlining exception management resolution across the prime brokerage industry.
It adds the new technology will reduce the time needed to resolve exceptions and help clear bottlenecks that could prevent trade settlements as well as promote better client servicing, minimise sanctions and reduce costs for all parties. It leverages a technology platform that standardises and simplifies trading workflows across the buy and sell side, thereby enabling greater control, cost reduction, transparency and collaboration to proactively address trade settlement issues. As the AccessFintech network grows, the time required to resolve operational trading issues across the industry will be reduced, while the standard of client service will continue to improve, the firm claims.
Inessa Even, who leads Global Markets Strategic Investments at Credit Suisse, says, “Through AccessFintech we are implementing a next generation client servicing solution, which has the potential to drive standardisation of virtually any multi-party operational workflow. Credit Suisse made a strategic investment in AccessFintech last year because of the opportunity it presented to drive this type of infrastructure impact.”
Roy Saadon, CEO of AccessFintech, adds, “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 standardisation is important to maximise 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.”