Xceptor, the financial sector’s leading data automation platform provider and Taskize, the leading provider of inter-company workflow to the financial services industry announced a partnership to supply financial institutions and energy firms with improved counterparty experiences and significant operational efficiencies.
Boosting operational efficiency while lowering risk and costs, the integration 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 best-in-class 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, Chief Executive Officer at Xceptor said:
“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, Chief Executive Officer at Taskize added:
“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.”
Taskize is trusted by over 500 financial firms in 53 countries making it the leading provider of structured inter-company workflow to the Financial Services Industry to improve operational efficiency across buy-sides, sell-sides, custodians, market infrastructures and Fintech providers. Founded by industry veterans, Taskize eliminates the inefficiency and insecurity of email, phone, and chat to provide everything needed to resolve post-trade, cross-party issues securely and efficiently. Taskize is cloud-native, with an open architecture leading to easy adoption and benefit realization. Taskize is owned by Euroclear, a leading global provider of Financial Market Infrastructure services. Follow @Taskize on LinkedIn or visit www.taskize.com.