Why the biggest financial players including BNY Mellon, Bank of America, JPMorgan, Citi, and Goldman Sachs are all 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 a slew of top financial firms just contributed to its $60 million in Series C funding.
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 recently expanded its network to include derivatives and syndicated loans, and the new funding will fuel further growth and expansion. The more players and asset types involved, the more useful the platform is for all. As BNY Mellon’s head of custody put it, “Democratizing data across market participants” reduces costs and improves settlement, which is critical to “the smooth functioning of the capital markets.”