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BNP Paribas just joined the horde of big financial players betting on data-management network AccessFintech.  

Dealing with issues in trade settlement has historically been a fragmented process, where participants must manually resolve errors over email chains. The biggest players are investing in AccessFintech’s centralized (and secure) data-management network because its collaborative workflows reduce the time and costs for all involved.  

By promising to streamline transaction processing, AccessFintech is winning converts: More than 100 organizations use its platform to share data and BNP Paribas just joined a slew of other top financial firms that contributed to its Series C funding, including BNY Mellon, JPMorgan, Citi, and Goldman Sachs.  

“We are excited to participate in this initiative and help the financial industry evolve its operating model,” a BNP Paribas exec said of the deal.  

By making data exchange and communication easier between all the participants in a given trade, AccessFintech reduces manual work and human error, thus speeding up transactions and lowering overall costs. For example, after a year of using AccessFintech’s network, Citi and JPMorgan reported a 30% reduction in trade fails and a 76% drop in operations-related email traffic

AccessFintech provides both regulatory and cost benefits, a spokesperson told Insights Distilled: It “increases efficiency and reduces human error and trade fails – directly impacting revenues and the bottom line.”