Taskize and Xceptor partner on trade affirmation service
21 August 2023 UK
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Taskize and Xceptor have partnered to improve counterparty experiences and improve operational efficiencies for financial institutions and energy firms.
The partnership aims to streamline the management and auditing of correspondence methods, increasing trade volumes and improving efficiency within large confirmation analyst teams — while reducing costs and the risk of financial loss.
Xceptor’s trade data affirmation, delivery and exchange platform, Xceptor Confirmations Solution, will integrate with Taskize. Clients will be able to reduce their volume of operational emails, improve clarity and provide real-time management information through the partnership, the firms say.
The partnership comes in response to increased regulatory pressures for Xceptor customers, and is designed to manage unlisted securities that fall into dispute or require manual chasing or affirmation.
Michiel Verhoeven, CEO of Xceptor, says: “Historically, financial services and energy firms have risked financial loss through unsettled trades, experienced a lack of auditability and transparency across correspondence with counterparties, and spent costly analyst time on low value activities such as chasing.
“This integration with Taskize addresses these challenges in multiple ways. By providing counterparties with a better user experience, there is more scope to drive traffic to the business, reduce costs and risk, and confirm trades even where there is no common data structure.”
Philip Slavin, CEO of Taskize, adds: “Taskize provides a purpose-built consolidated solution that retains the useful elements of email and removes all the problematic. With counterparties streamlining all communication into this real-time trade affirmation service they can affirm on T+0, thereby drastically reducing the risk of financial loss from economic breaks on complex trades that currently appear at T+3.
“Moreover, in instances where a break has led to trade failure, the supply of evidence of all relevant conversations acts as invaluable analysis for assessing whether full preventative action was taken. Companies can continue leveraging Xceptor’s tools and interface, while they and their counterparties benefit from Taskize’s collaboration and resolution workflow technology.”
The partnership aims to streamline the management and auditing of correspondence methods, increasing trade volumes and improving efficiency within large confirmation analyst teams — while reducing costs and the risk of financial loss.
Xceptor’s trade data affirmation, delivery and exchange platform, Xceptor Confirmations Solution, will integrate with Taskize. Clients will be able to reduce their volume of operational emails, improve clarity and provide real-time management information through the partnership, the firms say.
The partnership comes in response to increased regulatory pressures for Xceptor customers, and is designed to manage unlisted securities that fall into dispute or require manual chasing or affirmation.
Michiel Verhoeven, CEO of Xceptor, says: “Historically, financial services and energy firms have risked financial loss through unsettled trades, experienced a lack of auditability and transparency across correspondence with counterparties, and spent costly analyst time on low value activities such as chasing.
“This integration with Taskize addresses these challenges in multiple ways. By providing counterparties with a better user experience, there is more scope to drive traffic to the business, reduce costs and risk, and confirm trades even where there is no common data structure.”
Philip Slavin, CEO of Taskize, adds: “Taskize provides a purpose-built consolidated solution that retains the useful elements of email and removes all the problematic. With counterparties streamlining all communication into this real-time trade affirmation service they can affirm on T+0, thereby drastically reducing the risk of financial loss from economic breaks on complex trades that currently appear at T+3.
“Moreover, in instances where a break has led to trade failure, the supply of evidence of all relevant conversations acts as invaluable analysis for assessing whether full preventative action was taken. Companies can continue leveraging Xceptor’s tools and interface, while they and their counterparties benefit from Taskize’s collaboration and resolution workflow technology.”
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