Xceptor and Taskize announced a partnership to supply financial institutions and energy firms with improved counterparty experiences and significant operational efficiencies. Xceptor is an automation platform provider for the financial sector and Euroclear-owned Taskize is a provider of inter-company workflow to the financial services industry.
The integration is expected to boost operational efficiency while lowering risk and costs and provides a solution for Xceptor customers who face T+1 and other regulatory pressures. It also deals with the reality of the 5% of unlisted securities that fall into dispute and the 40% that require manual chasing or affirmation.
The partnership combines Taskize’s ability to heavily reduce the volume of operational emails and provide greater clarity and real-time management information, with Xceptor’s platform for the accurate and rapid affirmation, delivery, and exchange of trade data. Through this joint proposition, companies can access a modern and streamlined process to manage and audit various correspondence methods to drive trade volumes, enhance efficiencies within large confirmation analyst teams, and reduce the risk of financial loss.
Michiel Verhoeven, CEO at Xceptor, said in a statement: “Historically, financial services and energy firms have risked financial loss through unsettled trades, experienced a lack of auditability and transparency across correspondence with counterparties, and spent costly analyst time on low value activities such as chasing. This integration with Taskize addresses these challenges in multiple ways. By providing counterparties with a better user experience, there is more scope to drive traffic to the business, reduce costs and risk, and confirm trades even where there is no common data structure.”
Philip Slavin, CEO at Taskize, said in a statement: “Email correspondence is infamously hard to manage and audit. Taskize meets this challenge head on and provides a purpose-built consolidated solution that retains the useful elements of email and removes all the problematic. It provides a single-issue alternative to multi-thread posts which are often hard to track, while the Taskize Smart Directory dynamically allocates queries, understanding and learning who is best suited to resolve each one.”
With counterparties streamlining all communication into this real-time trade affirmation service they can affirm on T+0, thereby drastically reducing the risk of financial loss from economic breaks on complex trades that currently appear at T+3. Moreover, in instances where a break has led to trade failure, the supply of evidence of all relevant conversations acts as invaluable analysis for assessing whether full preventative action was taken.
“Ultimately, it means companies can continue leveraging Xceptor’s tools and interface, while they and their counterparties benefit from Taskize’s collaboration and resolution workflow technology,” according to Slavin’s statement.