JP Morgan extends partnership with AccessFintech
AccessFintech, which aims to deliver collaboration and transparency to the financial services industry, has extended its partnership with JP Morgan. The partnership will result in a trade processing solution to provide real-time transparency and workflow to the firm’s buyside clients.
JP Morgan’s Securities Services business is the first custodian to collaborate with AccessFintech on the solution which provides real-time transparency into trade lifecycle statuses, standardised commentary and shared bi-directional workflow for buy-side clients.
This partnership aims to make reduce the time needed to be spent by buy-side operations teams to monitor multiple internal tools and custodian portals, and it reduces the need for calling brokers and custodians to get updates.
The solution has been in testing with select buy-side clients and is now in process of deployment. Following this collaboration, AccessFintech will be extending the service to other custodians.
Clients can either leverage the AccessFintech front end or integrate via APIs into their system of choice. This integration therefore removes the traditionally difficult task of connecting to numerous third-party portals.
“Our strategic partnership with AccessFintech has been instrumental in developing our new way of working,” says Teresa Heitsenrether, global head of Securities Services, JP Morgan. “JP Morgan was an early adopter of AccessFintech and has been successfully testing its value proposition throughout our business for over six months.”
JP Morgan’s Securities Services business has been developing a single end-to-end data integration framework to enhance post-trade lifecycle for buy-side clients.
AccessFintech came through JP Morgan’s In-Residence Programme which incubates emerging technology companies to develop production-ready solutions solving for ‘critical’ wholesale banking problems.
Through this early collaboration, AccessFintech was able to test at scale with several of JP Morgan’s businesses, which has laid the groundwork for this deeper collaboration.
