Meritsoft and Taskize collaborate on enhanced CSDR solution
17 June 2020 Dublin
Image: MadrugadaVerde/Shutterstock
Meritsoft, a Cognizant company, and Taskize, owned by Euroclear, are integrating their automated fails operational workload offering and global operational task management solutions to provide an end-to-end Central Securities Depositories Regulation (CSDR) management solution.
As part of the collaboration, Meritsoft鈥檚 FINBOS CSDR Manager and Taskize Connect are set to deliver a comprehensive real-time platform for clients and their customers.
According to Meritsoft, clients will benefit from the ability to manage both settlement fails and buy-in penalty processes that will come in February 2021 as part of CSDR's settlement discipline regime.
Clients will also benefit from a comprehensive audit trail and fail-resolution workflow that adheres to CSDR鈥檚 compliance requirements, the firms say.
Additionally, significant improvements on identification and prevention of fails, automation of a significant amount of anticipated CSDR workloads, including CSD reporting and cash compensation management were listed as some of the main benefits for clients.
Meritsoft CEO Kerril Burke says: 鈥淲ith the February 2021 CSDR deadline front of mind for financial houses, market participants need to be able to mitigate the potential risks and costs of upcoming penalties and buy-ins under CSDR.
鈥淭hey must do this through efficient issue resolution while providing business managers and traders with the information required to factor CSDR implications into their decisions. We are pleased to be collaborating and innovating with Taskize to offer market participants this enhanced platform.鈥�
John O鈥橦ara, CEO at Taskize, adds: 鈥淲e are delighted to collaborate with Meritsoft as the company delivers its CSDR manager solution to the market. Meritsoft clients will benefit from using Taskize鈥檚 industry-leading inter-company workflow service.鈥�
鈥淭his will enable seamless flows of activity both within and between financial services firms and facilitate adherence to CSDR鈥檚 requirements. As the world of regulatory compliance continues to expand, we look forward to identifying opportunities to create value for clients with collaborators such as Meritsoft to service the wider financial services industry.鈥�
As part of the collaboration, Meritsoft鈥檚 FINBOS CSDR Manager and Taskize Connect are set to deliver a comprehensive real-time platform for clients and their customers.
According to Meritsoft, clients will benefit from the ability to manage both settlement fails and buy-in penalty processes that will come in February 2021 as part of CSDR's settlement discipline regime.
Clients will also benefit from a comprehensive audit trail and fail-resolution workflow that adheres to CSDR鈥檚 compliance requirements, the firms say.
Additionally, significant improvements on identification and prevention of fails, automation of a significant amount of anticipated CSDR workloads, including CSD reporting and cash compensation management were listed as some of the main benefits for clients.
Meritsoft CEO Kerril Burke says: 鈥淲ith the February 2021 CSDR deadline front of mind for financial houses, market participants need to be able to mitigate the potential risks and costs of upcoming penalties and buy-ins under CSDR.
鈥淭hey must do this through efficient issue resolution while providing business managers and traders with the information required to factor CSDR implications into their decisions. We are pleased to be collaborating and innovating with Taskize to offer market participants this enhanced platform.鈥�
John O鈥橦ara, CEO at Taskize, adds: 鈥淲e are delighted to collaborate with Meritsoft as the company delivers its CSDR manager solution to the market. Meritsoft clients will benefit from using Taskize鈥檚 industry-leading inter-company workflow service.鈥�
鈥淭his will enable seamless flows of activity both within and between financial services firms and facilitate adherence to CSDR鈥檚 requirements. As the world of regulatory compliance continues to expand, we look forward to identifying opportunities to create value for clients with collaborators such as Meritsoft to service the wider financial services industry.鈥�
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