AccessFintech’s 12-month collaboration with Citi and J.P. Morgan has achieved significant operational efficiency enhancements based on internal reviews. A data and workflow collaboration on AccessFintech’s Synergy Network saw Citi and J.P. Morgan complete an analysis of performance improvements achieved over the past year. Their initiatives focused on securities settlements between the two dealers, with emphasis on European markets as a prelude to the recently implemented Central Securities Depository Regulation (CSDR). Continuous access to enriched and linked real-time data resulted in a 30 per cent reduction in trade fails, according to AccessFintech. It also led to an average of 76 per cent reduction in email traffic for operational processes for trades between Citi and J.P. Morgan across securities asset classes over this period. AccessFintech launched the Synergy Network three years ago and has worked with both dealers to establish an ecosystem of connected firms including buy side, sell side, custodians and vendors. Citi and J.P. Morgan are addressing the challenge of reducing fails with rapid investigation times and are achieving results using predictive analysis during the pre-settlement transaction window, says AccessFintech. With the Synergy Network’s pairing logic, users can view cross-market mismatches side-by-side and act directly within a single user interface. This addresses transaction cost compression, elimination of capital requirements and lack of return on investment. Roy Saadon, CEO of AccessFintech, says: “The Synergy Network has surpassed critical mass in both the number of its participants and available transaction volume. Our partners recognise that having a data and workflow normalisation and collaboration strategy is critical, particularly as the industry adapts to CSDR regulation and the impending move to T+1 settlement. “They have the foresight and client focus to see the benefits of having a meaningful increase in the number of Synergy participants, which now enables dramatically bigger cost, capital and operational savings.” Tony Vazquez, global head of securities settlements for Citi, comments: “We are constantly looking for ways to improve our operations and technology through innovation, and using the Synergy Network has allowed us to integrate into one solutions-oriented resource, resulting in more efficiencies for our colleagues and clients. “AccessFintech’s Synergy Network provides streamlined, automated and flexible services that have helped us reduce the time spent on emails and operational processes and optimise the time working on securities settlements.” Tom Damico, head of global equity operations at J.P. Morgan, adds: “This test period has demonstrated that enhanced data collaboration and shared workflows enable us to create a more efficient operating model with a significant reduction in the number of exceptions and follow-up emails.”
