Workflow specialist Taskize has joined forces with markets infrastructure and tech platform Symphony to launch a real-time collaboration between users.
The integration, unveiled and demonstrated today at Symphony Innovate London 2023, means that Taskize and Symphony front office users can collaborate in real time without reverting to traditional methods such as phone or email. Users can stay on their platform of choice with no need to copy and paste information from one system to another: improving resolution speed and reducing risk.
“As the road to T+1 begins in earnest, failure to address bottlenecks and obstacles in a coordinated fashion will leave market participants with highly inefficient settlements,” said James Pike, head of business development at Taskize, speaking exclusively to Best Execution.
“At the heart of this is ensuring seamless post-trade resolution through efficient inter-company workflow and interoperability. This partnership with Symphony is a huge leap in the right direction as we seek to help firms resolve breaks faster under compressed timeframes.”
The interoperability between the two systems means users share a live view of the trade exception or settlement issue that is automatically synchronised. The collaboration is designed to provide firms with accurate post-trade resolution as well as the ability to resolve breaks faster under compressed settlement timeframes – an issue that is of growing importance given the upcoming move to a T+1 standard settlement cycle.
“For too long, operations teams and their colleagues and counterparts on the trading desk have been restricted in their communication by outdated manual processes and an over-reliance on phone and email,” said Taskize CEO Philip Slavin. “This integration will enable users on both platforms to seamlessly collaborate to resolve urgent and unresolved issues. As a result, this will generate more capacity and free up time for front- and back-office teams to refocus on other value-add tasks.”
Brad Levy, CEO of Symphony, added: added: “For Symphony, it’s important to create integrations to automate common tasks and processes that ultimately free up time and reduce risk. This partnership with Taskize is part of our ongoing commitment to address the demand in the industry to extend workflow cross firm and front to back.”
©Markets Media Europe 2023
