How fintech AccessFintech is enabling multi-party collaboration

Blog written by Andrew Mill, Synergy Trainer at AccessFintech

Who are we?

Access Fintech was established upon a profound desire to bring self-service, transparency, risk mutualisation and efficient supply-chain management to the global financial services industry. Our founders, Roy Saadon and Steve Fazio, started the business in 2016 and we currently have over 120 employees across offices in Glasgow, London, New York, and Tel Aviv.

Our leadership team has a proven track record in building businesses and products that change the face of financial technology and operations. Since inception, AccessFintech has seen multiple client onboards and product launches, been awarded Capital Markets Start-up of the Year by Financial News in 2021, and we now manage over 1 billion transaction updates per month.

What challenges did we see?

Middle and back-office functions in financial services typically centre around significant internal and external email, Excel, chat, and telephone exchanges across numerous participants to share data, request and provide status updates and resolve exceptions. Add to these processes an array of internal systems individually managed by each financial institution, each of which require significant ongoing maintenance, development, and operational staff training.

The redundant practice of sending an email followed by a chaser and then an escalation phone call has been the industry norm for years. The follow up process of sending further chasers’ and looping in additional contacts has resulted in a communication breakdown across Teams, Counterparties and Markets as a whole. A myriad of Do you know?’ and Please amend to match’ type queries have been deleted, filed, and quite frankly ignored. The lack of shared systems means that clients lack the data transparency they need and therefore cannot self-serve due to being unable to view statuses, commentary or even track exception resolution progress.

The bottom line is that this way of working increases the chance of error beyond what it has to be. This fundamental issue is why AccessFintech exists, and solving it is how we supply massive value to our clients..

How have we solved them?

To achieve better efficiency, financial institutions must break the limitations of their four walls and embrace a collaborative approach to industry-wide challenges as they emerge.  This is why we built our Synergy platform.

Synergy was designed to release massive, locked value that firms cannot unlock individually. Data transparency is at the centre of the Synergy network’, which offers self-service data solutions to users that extend and enrich their datasets, allow them to share data across workflows, and provides technology across the transaction lifecycle to increase transparency, speed resolution, reduce fails, and benefit from valuable benchmarking insights.

Synergy provides a single, secure environment for multi-party collaboration and is underpinned by three core capabilities: Data Collaboration, Workflow Optimisation and Technology Distribution.

Data Collaboration: Collaborating in the AccessFintech User Interface means all participants are communicating in the same place with no communication lag and all interactions are systemically audited. The UI also allows for clients’ workflow lifecycles to be managed efficiently and automatically generates information for users that shows them areas of inefficiency, importantly, what the root cause is. AccessFintech Synergy DataLake’ enables collaboration across different companies as well using data and shared technology access. In other words, everyone gets to see a single source of truth, no matter what organization they work for.

Business as usual needs to change, not just for one institution, but for all. As such, Collaboration advances the entire ecosystem by automating operations, reducing capital requirements, and speeding workflows.

Workflow Optimisation: The AccessFintech UI delivers solutions for transaction automation, resolution, and decision-making in a multi-provider environment. Users are granted the ability to digitally execute interactions from purchase to settlement to payment in one place. Consequently, workflows and workforces can be optimised by letter users better evaluate and manage risk, recommend solutions, share workloads, and track actions.

Technology Distribution: AccessFintech is focused on seamlessly delivering continuous technology-driven operational transformation. Benefits can be realised across entire organisations simply by leveraging the power of data and collaboration. Organisations have reduced the total cost of ownership of technology resulting from data aggregation, enrichment, normalisation, and distribution to relevant stakeholders.

Once part of Synergy, individuals and organisations alike have the power to onboard new technologies with minimal complexity, resulting in dormant system retirement and the adoption of a cloud support strategy.

Concluding Remarks

AccessFintech enables organisations to share data securely with appropriate stakeholders, whether internal or external. At its core, data is paired across participants via the network to support efficient exception resolution. This notion is underpinned by customisable risk profiling and data transparency, allowing for prioritisation and significantly reducing incoming and outgoing queries.

In other words, our clients’ financial workflows are systematically organized. Structured communication protocols permit seamless collaboration on exception resolution and the creation of report and analytics to support root cause analysis and future fails reduction. We help organisations benefit in multiple ways, most notably: System Transformation, Cost Reduction, Risk Reduction, Enhanced Client Service and Digital Solution.