Broadridge Financial has partnered with AccessFintech to deliver a new “Strategic Gateway for Settlement Workflow” that offers efficiencies in resolving multi-party settlement fails. It combines Broadridge’s post-trade platforms and data with AccessFintech’s cloud-based operations workflow model. Banks, broker-dealers, prime brokerages and custodians are expected to see benefits such as cost savings, reduction of operational risk, expedited resolution of settlement fails, and a seamless experience for 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, in a statement. “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.