Goldman Sachs, Credit Suisse among investors in $17.5mn round for exceptions management fintech

AccessFintech announced it’s closed a series A funding round and secured $17.5 million investment from Citi, Credit Suisse, Goldman Sachs and J.P. Morgan. The AccessFintech network aggregates business exceptions, and provides risk management and resolution tools, through a framework of prioritization and assignment. All four institutions have been working with AccessFintech on projects to increase market collaboration and reduce operational risk throughout the past year, individually and as a group.

“Exceptions” are created from business activities such as clearing, confirmations, surveillance and credit monitoring that require an intervention to be resolved. As these exceptions often have a business impact but the severity of which is difficult to determine, AccessFintech provides a layer across the organizations’ systems to evaluate, prioritize, visualize and identify which user interaction is required, and by which firm.

AccessFintech will use the funding to further invest in its risk and exception management services, expand global account coverage and accelerate uptake within institutions not only in post-trade operations, but also areas such as credit monitoring and outsourcer oversight.

It operates the Global Exceptions Network for exception resolution and risk management, which provides aggregation services by consuming data from internal and external systems and allowing participants to visualize and prioritize their own risk. The Collaboration layer then allows sharing such events across the ecosystem and offers users the ability to “pair” their exceptions with other institutions for quicker resolution – both peer-to-peer and client-provider relationships. As a result of the aggregation layer, AccessFintech enables a Sandbox framework to trial new financial technologies at a fraction of today’s cost, significantly reducing barriers to entry for fintech firms.

Steve Morgan, head of Markets Operations Settlements and Operations Technology at Citi said in a statement: “We have seen the benefits of AccessFintech materialize in two segments that are intertwined – internal efficiencies through prioritized decision making, and industry improvements through collaboration on the same data. It is exciting to see how much the readiness for cloud enterprise solutions has matured within the banking world.”

“Transparency does not have to stop at the data level, but can now extend to the processing of exceptions,” added Frederic Crosnier, MD and head of Global Markets and Investment Banking & Capital Markets Operations and Strategic Investments at Credit Suisse.

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