Cognizant subsidiary Meritsoft has integrated Taskize’s collaboration and workflow platform with its cross-asset Trade Tracking and Exception Manager (TTEM), allowing operations teams to rapidly address issues that might otherwise lead to failing trades.
The integration is designed to enable faster query resolution and reduce trade settlement fails, just as the US, Canada, Mexico and Argentina markets ready themselves for the shortening of the settlement cycle to T+1.
Meritsoft’s TTEM tracks the trade lifecycle to provide near real-time trade matching and settlement status updates, enabling users to identify at-risk trades and take necessary action internally or externally to ensure timely matching. The Taskize platform is used by more than 600 banking and financial firms in more than 88 countries and provides a secure workspace that brings financial operations professionals together to resolve queries.
TTEM users can initiate a trade settlement query in the TTEM Trade Window, simultaneously creating a secure workspace in the Taskize platform. The Taskize platform will connect the TTEM user to the most appropriate individual for resolving the query at the counterparty. TTEM users can interact with counterparties regardless of the communication tool they use without leaving the system.
Based on predefined rules, TTEM AI uses historical trade matching and settlement data combined with current live lifecycle statuses to initiate queries in Taskize without user input, further increasing the efficiency of the platform.
Daniel Carpenter, CEO of Meritsoft, said: “The 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. In the context of T+1 and growing pressure to resolve settlement issues quickly, the integration of Taskize into our trade tracking and exception management system is a significant step in helping market participants to streamline their settlement processes.”
Taskize CEO James Pike said: “Financial markets are becoming more complex and interconnected; as trading volumes increase, new regulations are implemented, and new markets rise to the fore. In 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.”
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