Meritsoft integrates Taskize鈥檚 workflow functionality ahead of T+1
23 May 2024 UK
Image: Thilo/stock.adobe.com
Meritsoft, a Cognizant company, has integrated Taskize鈥檚 collaboration and workflow functionality into its cross-asset platform, Trade Tracking and Exception Manager (TTEM).
The move aims to enable faster query resolution in a drive to minimise trade settlement fails.
As the market prepares for the go-live of T+1 in the US, Canada, Mexico and Argentina at the end of May, the shortening of the settlement cycle for equities and bonds will reduce the time to match by up to 80 per cent, the firm says.
The TTEM is designed to track the entire trade lifecycle and provide near real-time trade matching and settlement status updates, enabling users to identify at-risk trades and to take the necessary action to ensure timely matching.
Taskize says its platform provides a secure workspace that brings financial operations professionals together to resolve queries.
Users of the TTEM can initiate a trade settlement query in the platform鈥檚 trade window, creating a secure workspace 鈥� known as a Bubble 鈥� in the Taskize platform.
Taskize鈥檚 smart directory will connect the TTEM user to the most appropriate individual for resolving the query at the counterparty.
TTEM AI uses historical trade matching and settlement data, combined with current live lifecycle statuses, to initiate queries in Taskize without user input. This should further increase the efficiency of the platform, the firms say.
Commenting on the move, Daniel Carpenter, CEO of Meritsoft, says: 鈥淭he process of manually identifying and intervening to prevent or resolve a failed trade takes significant operational resources, and all too often relies on a web of email and phone communication.
鈥淚n the context of T+1 and growing pressure to resolve settlement issues quickly, the integration of Taskize into our TTEM system is a significant step in helping market participants to streamline their settlement processes.鈥�
Taskize interim CEO James Pike adds: 鈥淔inancial markets are becoming more complex and interconnected; as trading volumes increase, new regulations are implemented, and new markets rise to the fore.
鈥淚n this context, interoperability of post-trade systems is essential. Our integration with Meritsoft is a testament to our commitment to connecting front and back-office teams, enabling the smarter allocation of work to speed up time consuming manual exception resolution tasks and, as a result, navigate the increasingly complex market environment.鈥�
The move aims to enable faster query resolution in a drive to minimise trade settlement fails.
As the market prepares for the go-live of T+1 in the US, Canada, Mexico and Argentina at the end of May, the shortening of the settlement cycle for equities and bonds will reduce the time to match by up to 80 per cent, the firm says.
The TTEM is designed to track the entire trade lifecycle and provide near real-time trade matching and settlement status updates, enabling users to identify at-risk trades and to take the necessary action to ensure timely matching.
Taskize says its platform provides a secure workspace that brings financial operations professionals together to resolve queries.
Users of the TTEM can initiate a trade settlement query in the platform鈥檚 trade window, creating a secure workspace 鈥� known as a Bubble 鈥� in the Taskize platform.
Taskize鈥檚 smart directory will connect the TTEM user to the most appropriate individual for resolving the query at the counterparty.
TTEM AI uses historical trade matching and settlement data, combined with current live lifecycle statuses, to initiate queries in Taskize without user input. This should further increase the efficiency of the platform, the firms say.
Commenting on the move, Daniel Carpenter, CEO of Meritsoft, says: 鈥淭he process of manually identifying and intervening to prevent or resolve a failed trade takes significant operational resources, and all too often relies on a web of email and phone communication.
鈥淚n the context of T+1 and growing pressure to resolve settlement issues quickly, the integration of Taskize into our TTEM system is a significant step in helping market participants to streamline their settlement processes.鈥�
Taskize interim CEO James Pike adds: 鈥淔inancial markets are becoming more complex and interconnected; as trading volumes increase, new regulations are implemented, and new markets rise to the fore.
鈥淚n this context, interoperability of post-trade systems is essential. Our integration with Meritsoft is a testament to our commitment to connecting front and back-office teams, enabling the smarter allocation of work to speed up time consuming manual exception resolution tasks and, as a result, navigate the increasingly complex market environment.鈥�
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