03.24.2021

Automation Of Settlement Failure Resolution Launched

03.24.2021
T+2 May Lead to More Failed Trades

Broadridge Financial Solutions, a global Fintech leader, has partnered with AccessFintech to deliver a new Strategic Gateway for Settlement Workflow that offers efficiencies in resolving multi-party settlement fails. The solution is powered by Broadridge’s industry-leading post-trade platforms and data, and incorporates AccessFintech’s cloud-based operations workflow model. As a result, banks, broker-dealers, prime brokerages and custodians can achieve transformational benefits that include cost savings, reduction of operational risk, expedited resolution of settlement fails, and a seamless experience for their buyside clients.

“The volatility in the securities market over the past year highlighted the industry’s need for a more efficient settlement process that promotes market liquidity,” said Vijay Mayadas, President of Capital Markets at Broadridge. “Broadridge’s partnership with AccessFintech aims to bridge operational gaps that currently exist in multi-party exception management with a collaborative approach, providing the sell-side with consistent, quality data and an automated workflow. Our latest investment demonstrates Broadridge’s continued commitment to driving efficiency across the industry through an enhanced post-trade processing experience and simplified technology, including a consistent API framework.”

In the current market environment, the process of resolving settlement failures is manual, involving offline and time-consuming channels such as email, phone calls and chats between multiple counterparties. This leads to greater operational risk, inefficiency, a challenging user experience, and regulatory non-compliance under the Central Securities Depository Regulation (CSDR) requirements expected by February 2022.  By enabling a global network of participants to easily share data with multiple counterparties on one platform, the Strategic Gateway for Settlement Workflow ensures high-quality and consistent data, seamless onboarding, and transforms clients’ ability to compare data automatically and resolve settlement exceptions efficiently.

“In today’s banking environment, clients demand inventive yet robust solutions that can help reduce their costs and eliminate excessive complexity,” said Roy Saadon, CEO of AccessFintech. “We are excited to partner with Broadridge, as we believe clients of both firms will benefit from a much-improved experience in multi-party workflow management and exception resolution. Further, we look forward to working together on other new solutions to create a more powerful and innovative ecosystem for the market.”

Source: Broadridge

Related articles

  1. This comes before launching the first algorithmic bookbuilding platform with Turquoise.

  2. Algorithms in Focus

    Strategy Studio allows brokers to create their own execution platforms.

  3. Low-code allows banks to build out and launch new trading protocols and processes more quickly.

  4. Borsa Italiana Focuses on Derivatives Innovation

    New participants and infrastructure providers are participating in markets.

  5. Financial institutions can access the code behind OS-Climate’s tools to support climate-aligned decisions.