J.P. Morgan and AccessFintech Launch Real-Time Payment Statuses for the Buy-Side
• Payment statuses for dividend, income and cash wire movements added to existing trade status solution to deliver further operational efficiency for buy-side institutions
• Follows previously announced real-time trade processing integration
London, New York and Tel Aviv: September 1, 2020 – AccessFintech, which delivers collaboration, transparency and control to the financial services industry, announces today that it has extended its partnership with J.P. Morgan to include real-time transparency to payment statuses and workflow for dividend, income and cash wire movements.
The addition of payment statuses compliments J.P. Morgan’s existing solution which provides buy-side clients visibility to real-time trade statuses in AccessFintech. J.P. Morgan’s Securities Services business was the first custodian to deliver enriched transaction data sets directly to the AccessFintech dashboard.
The post-trade transaction lifecycle is a significant driver of operational inefficiency for buy-side clients, due to insufficient status transparency and manual exception workflow with custodians. J.P. Morgan has built real- time statuses and workflow for trades and payments, allowing buy-side clients to have proactive visibility to their full suite of transaction types at J.P. Morgan.
The offering provides market statuses and enhanced commentary from J.P. Morgan on payments, including action ownership to establish responsible party for issue resolution. The solution includes bi-directional workflow so buy-side clients can seamlessly communicate with J.P. Morgan directly from the AccessFintech dashboard. These features allow buy-side clients to feel like an extension of J.P. Morgan through shared data and workflow.
The solution allows buy-side clients to remain within the AccessFintech dashboard for transaction management, which reduces the need to monitor multiple internal tools and custodian portals. It also reduces the need to call brokers and custodians to retrieve updates, allowing clients to repurpose operations staff toward more value-added functions and eliminating inefficiency and manual workflows.
“J.P. Morgan has been at the forefront of developing industry leading solutions in collaboration and data transparency,” said Roy Saadon, Co-Founder and CEO of AccessFintech. “With the additions of these new, important enhancements, the market can further optimize and streamline burdensome processes with a truly real-time view of their workflow. AccessFintech’s mission is to make financial institutions more efficient and to reduce costs. We look forward to working with the innovative J.P. Morgan team on delivering further streamlining benefits to their clients.”
“Lack of real-time statuses on payments has been a key challenge for buy-side clients, especially with increased pressure on real-time cash forecasting”, said Naveen TV, Managing Director at J.P. Morgan Securities Services. “This new functionality on AccessFintech coupled with J.P. Morgan’s industry leading operating model will help clients provide real-time insights into the status of payments, enabling better cash forecasting. AccessFintech has become an important resource for providing buy-side clients with real-time transparency to transaction data and workflow.”
AccessFintech participated in J.P. Morgan’s In-Residence Programme which incubates emerging technology companies to develop production-ready solutions solving for critical wholesale banking problems.
Serra Balls, Eterna Partners
+44 777 5763018
AccessFintech uses technology to evolve the financial industry operating model. Its aim is to transform the model to drive control, transparency, efficiency and collaboration across the whole financial ecosystem. The company has a self-service ethos, where risk is mutualized, and there is better, more enlightened decision making across organizations and functions. It was founded in 2015 by a team of financial industry veterans with proven experience, creativity and expertise in driving efficiency and solving problems in the context of the global capital markets. AccessFintech has created and operate a unique network of financial industry participants, sharing data and collaborating on exception resolution of trades. The technology is designed in such a way that clients can quickly and easily adopt the service without significant resource allocation, enabling firm to control their risk management practices while increasing the number of services consumed. For further information please go to our LinkedIn page.