Broadridge and AccessFintech partner to transform resolution of settlement fails

FinTech firms Broadridge and AccessFintech align to resolve multi-party settlement fails through new solution.

AccessFintech is continuing to grow its network of partners in the securities services industry after teaming up with post-trade FinTech giant Broadridge to deliver a new strategic gateway for settlement workflow.

Aimed at resolving multi-party settlement fails, the solution is powered by Broadridge’s post-trade platforms and data, and incorporates AccessFintech’s cloud-based operations workflow model.

The news comes just two weeks after AccessFintech signed a similar agreement with collaboration and messaging platform Symphony.

AccessFintech has created a network of participants sharing financial data and standardising workflows over the past few years, collaborating with Goldman Sachs, JP Morgan and Credit Suisse, among others. Users utilise the network to collaborate on exception resolution, distribute data and onboard vendors to create a complete ecosystem for data and workflow management.

“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.”

Settlement fails continue to plague the industry, with the issue heightened by COVID-19 related market volatility and incoming regulation in Europe.

The collaborative workflow solution between Broadridge and AccessFintech aims to provide operational efficiency, risk reduction and cost savings for banks, broker-dealers, prime brokerages and custodians and their buy-side 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.”