Goldman Sachs Supports AccessFintech to Launch Derivatives Cash Payments Affirmation Service

AccessFintech, a UK-based fintech firm offering risk management service for banks and buy-side firms, announced on Monday that it has launched a new derivatives cash payments affirmation service, working with investment banking giant Goldman Sachs.

The fintech and the leading global investment bank, in coordination with a major Tier 1 buy-side client, developed the cross-industry service to embed a process allowing for the real-time supervision and scrutiny of expected cash payments associated with derivatives trading.

The new service brings forth a zero-touch settlement payment process with a digital workflow for collaborative dispute resolution to address the problem of inefficient operation buy-side clients and their brokers faced previously with disputes often captured without sufficient time. 

The introduction of this service focuses initially on Interest Rate Coupons & Cross-Currency Swaps, Credit and Equity Total Return Swaps with future expansion to other over the counter (OTC) derivatives, including CFD and Exchange Traded Equity Derivatives. According to the UK fintech, a multi-bank Cash Payments Working Group, with Goldman Sachs' support, has recently launched to define the standards to deploy this across the industry.

Brian Steele, Global Head of Market Solution at Goldman Sachs said: "We are excited about working with the Access Fintech team to launch this solution and create a common standard in this area. We think this will be of significant benefit to the industry.”

Roy Saadon, CEO of AccessFintech added: "The derivatives market has historic inefficiencies and we believe this cash affirmation service has the ability to be a game changer and create a new standard for the industry. With the foresight, diligence and innovative approach of Goldman Sachs and their client, we are excited to have brought this service to market, for the benefit of the whole ecosystem."