AccessFintech, the financial technology firm that solves operational problems in financial services, announced today that its global exception pairing network has now achieved live participation across all major market segments – tier one banks, buyside institutions, custodians, fund administrators and outsourcers.
Since service launch in 2017, the AccessFintech network has evolved from its initial role as a network for exception management, enabling participants to visualize and prioritize their risk, to a collaborative network offering the ability for participants to “pair” their exceptions with other institutions for quicker resolution. The rapid uptake of exception pairing has been driven by the need for improved operational efficiency and subsequent reduction in time to resolution and email traffic.
“Exceptions” are created when data within a financial institution’s system does not get processed because of errors. Resolution is a complicated and fragmented process, fails are an expensive and slow process to investigate and resolve.
By lifting exceptions into AccessFintech’s shared environment it enables organizations to prioritize, share and pair their exceptions with counterparts. There is no longer a need to look through multiple underlying systems, engage in lengthy email chains and timely calls to reach a resolution.
With an active network all working on sharing and pairing exceptions in a single interface, AccessFintech is quickly becoming the central hub for exception management for the industry. A key driver for participants is that the system is asset agnostic and exceptions can be shared from any system, across any part of an organization where resolution needs to take place.
Roy Saadon, CEO of AccessFintech said: ‘’Benefits of more timely exception management go beyond the immediate time savings. The release of regulatory mandated capital locked up to secure the lengthy resolution cycle is an immediate return on investment. Transparency is key when dealing with multiple counterparties all looking to resolve the same exception across many systems. Having the ability to share within AccessFintech’s network and pair exceptions has given clear ownership of resolution in an area that is typically grey. Ultimately the clear ROI is about cost efficiency.”