- 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
AccessFintech announced that it’s extended a partnership with J.P. Morgan to include real-time transparency to payment statuses and workflow for dividend, income and cash wire movements. AccessFintech is a UK-based risk management services firm.
The addition of payment statuses complements 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 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 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.
Roy Saadon, co-Founder and CEO of AccessFintech, said in a statement: “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.”
“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, in a statement. “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 Program, which incubates emerging technology companies to develop production-ready solutions solving for critical wholesale banking problems.