Roy Saadon Launches Access Fintech06.21.2017
London, 21 June 2017 – Former Traiana founder Roy Saadon has launched Access Fintech, an innovative risk management service for banks and buyside firms. The service helps firms track the trade lifecycle and get a true sense of prioritized risk, across an increasing number of systems. Access FinTech brings together fintech providers and in-house technology, orchestrating the interaction of the distributed providers and creating a single visual display of the risk of financial transactions in a global sharable view.
The Access Fintech visual dashboard aggregates vendors and allows customers to manage risk and exceptions. Access Fintech launched its product in the first quarter of 2017 to an oversubscribed beta program and is now completing its global roll out in all major financial centres.
The Access Fintech platform addresses the need that has risen from the clash of changes in the market – the need to reduce cost, increasing returns on technology and operations expenditure, and the push for buyside self service. The increase in the number of providers and platforms has been driven by a range of changes, from regulatory requirements (such as MIFID 2) to innovative distributed ledger technology solutions.
While this has created opportunity for increased efficiency, the adoption of new technology has been stunted by concerns about loss of control, the burden/cost of regulatory requirements and the cost to incorporate the new fintechs.
Access Fintech is enabling the adoption cycle, by providing solutions to the root cause: retaining the required operational controls to aggregate the (newly) distributed financial life cycle; and creating a vendor management vehicle – tracking risk, sharing risk and profiles amongst the buyside and sellside, and providing a sandbox for new products, thus allowing the firms to try out technology at a fraction of today’s cost.
The Access Fintech dashboard offers customers a dynamic view of their risk profile across all vendors and internal technologies globally and in real time. The technology is designed in such a way that clients can quickly and easily adopt the service without significant resource or cost required. Aggregating and visualizing risk across vendors and in house processes allows both buy- and sell side customers to share and better manage the risk.
With a holistic view of a their risk profiles clients can define risk levels, assign external ownership with outsourcers and counterparties and better share the costs of technology; ultimately freeing them up to further embrace new technology.
Roy Saadon, founder of Access Fintech said: “The hunger of firms to adopt fintech, yet the drastically low rate of adoption by those same firms, is a conundrum we must solve. Access Fintech aims to address the most basic yet urgent needs of clients–to know where their issues are, understand their severity, and ultimately decide who has ownership. By helping clients manage risk across a complicated vendor environment, Access Fintech not only reduces their risk but also creates the managed environment into which they can now introduce fintech providers.
“There are many great fintech ideas available but potential customers are suffering from vendor management fatigue. We make it easier for clients to manage the way they interact with multiple vendors, without significant additional expenditure or increased risk.”
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