AccessFintech, a risk management service for banks and buyside firms, has joined JPMorgan Chase & Co’s exclusive In-Residence program after landing an investment from the bank.
JPMorgan has backed the company’s Series A round, leading the way for participation by additional market participants. However, the size of the investment was not disclosed.
AccessFintech has also joined JP Morgan’s In-Residence program which is designed to assist emerging financial technology companies who are looking to solve real-world industry problems and deploy their solutions at an enterprise level. The program will enable the FinTech to further test its technology at scale through collaboration between the two firms.
“We have been tracking AccessFintech’s product evolution for some time and we think its ability to bring together different parts of the post-trade process into one aggregated view is technology that is long overdue in the industry,” said Lawrence Waller, Global Head of Markets & Investor Services Operations at J.P. Morgan. “To progress further, they need the opportunity to work at scale and so they make a very natural fit for our In-Residence program, which encourages success through collaboration and the sponsorship of our senior management.”
Based in New York, AccesFintech claims its portfolio of products provides financial institutions with the benefit of shortened exposure time and a reduction in operational and technology costs.
The Business Operations Centre provides exception aggregation services, while the Global Exception Network drives collaboration between parties – both peer-to-peer and client-provider relationships.
Its system agnostic Global Exception Network service provides intelligence through analysis of exceptions, association of risks and enabling collaboration on resolution. Linking together in-house technology, incumbent providers and FinTech innovation it enables customers to view a full lifecycle of actions in a compressed, prioritised and mutualised dashboard.
The company claims the technology is designed in such a way that clients can quickly and easily adopt the service without significant resource allocation, enabling firms to control their risk management practices while increasing the number of services consumed.
AccessFintech’s also provides a sandbox for firms to try out new financial technologies without commitment and at a fraction of today’s cost, which reduces a significant barrier to entry for FinTech firms.
Back in December, Cappitech, a RegTech company specialising in automating regulatory transaction reporting for investment firms, integrated its platform with AccessFintech’s ecosystem. Through the integration, Access Fintech can incorporate Capptivate’s MiFID II and EMIR reporting, tracing regulatory reporting exceptions in its life cycle management portal.
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