Symphony collaborates with AccessFintech to extend data sharing
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Symphony collaborates with AccessFintech to extend data sharing 10 March 2021UK Reporter: Maddie Saghir
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Symphony Communication Services (Symphony) and AccessFintech have partnered to extend data sharing, communications and workflow collaboration across their platforms.
The partnership combines Symphony’s collaboration and communication platform with AccessFintech’s data management and workflow network solution to expedite the resolution of discrepancies such as trade fails and mismatches in the post-trade environment.
Regulations such as the Central Securities Depository Regulation (CSDR) in Europe, new risk management controls and an expanding partner-firm ecosystem add complexity to exception management resolution, Symphony explains.
An estimated 6 per cent of trades fail and resolving exceptions is causing institutions to reserve capital on their balance sheets for incomplete and open positions.
AccessFintech’s data management and workflow solution will integrate with Symphony’s communication platform and trusted user directory.
Informed by details including role/function, title and location, Symphony says its directory accelerates identifying and connecting with ecosystem participants for exception resolution.
Brad Levy, president and chief commercial officer at Symphony, comments: “We believe there is tremendous value in a joint proposition with AccessFintech Levy continued, our companies share a similar mission to enable more seamless collaboration and information flow across the financial community and this partnership furthers that objective.”
AccessFintech CEO Roy Saadon says: “Financial markets have reached a point where participants are ready to co-operate meaningfully with each other, in a way that was unthinkable a few years ago. Our partnership with Symphony demonstrates that spirit of collaboration, both between us and amongst our clients.”
“Cloud based collaborative working is here. Operating securely and seamlessly, the partnership with Symphony will drive efficiencies and reduce friction and risk across the trade lifecycle,” Saadon adds.
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