Symphony, MarketAccess, Partner for Exception Management
Posted by Colin Lambert. Last updated: March 11, 2021
Symphony Communication Services and AccessFintech have unveiled a partnership to extend data sharing, communications and workflow collaboration across their platforms, through the combination of Symphony’s collaboration and communication platform with AccessFintech’s data management and workflow network solution.
The firms say the partnership is aimed at expediting the resolution of discrepancies such as trade fails and mismatches in the post-trade environment, as regulations such as CSDR in Europe, new risk management controls and an expanding partner-firm ecosystem add complexity to exception management resolution.
“We believe there is tremendous value in a joint proposition with AccessFintech,” says Brad Levy, president and chief commercial officer, Symphony. “Our companies share a similar mission to enable more seamless collaboration and information flow across the financial community and this partnership furthers that objective.”
The firms say that an estimated 6% of trades fail and resolving exceptions is highly inefficient, forcing institutions to reserve capital on their balance sheets for incomplete and open positions. To help solve this, AccessFintech’s data management and workflow solution integrates with Symphony’s communication platform and directory of over half a million financial services professionals. Informed by details including role/function, title and location, Symphony’s directory expedites identifying and connecting with ecosystem participants for exception resolution.
“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,” says Roy Saadon, CEO of AccessFintech. “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.”