Taskize and Xceptor Enter into Partnership to Improve Efficiency of Confirming Trades

Taskize, a post-trade solutions provider and a subsidiary of Euroclear, announced today that it has entered into a partnership with Xceptor, a leading-edge data automation company, to improve the counterparty experiences and operational efficiencies for financial institutions and energy firms.

The partnership combines Taskize's expertise and Xceptor's data automation platform, helping to reduce the volume of operational emails and provide clarity and real-time management information. Firms will benefit from the modernized and streamlined transactional data processing, driving increased efficiency of analyst teams while reducing the risk of financial loss.

"Historically, financial services and energy firms have risked financial loss through unsettled trades, experienced a lack of auditability and transparency across correspondence with counterparties, and spent costly analyst time on low value activities such as chasing," said Michiel Verhoeven, CEO at Xceptor. "This integration with Taskize addresses these challenges in multiple ways. By providing counterparties with a better user experience, there is more scope to drive traffic to the business, reduce costs and risk, and confirm trades even where there is no common data structure."

"Email correspondence is infamously hard to manage and audit. Taskize meets this challenge head on and provides a purpose-built consolidated solution that retains the useful elements of email and removes all the problematic," added Philip Slavin, CEO at Taskize. "It provides a single-issue alternative to multi-thread posts which are often hard to track, while the Taskize Smart Directory dynamically allocates queries, understanding and learning who is best suited to resolve each one."

Philip added: "With counterparties streamlining all communication into this real-time trade affirmation service they can affirm on T+0, thereby drastically reducing the risk of financial loss from economic breaks on complex trades that currently appear at T+3. Moreover, in instances where a break has led to trade failure, the supply of evidence of all relevant conversations acts as invaluable analysis for assessing whether full preventative action was taken."

In addition to Xceptor, Taskize has partnered with two other financial technology services companies this year. In March, Taskize integrated with Microsoft (MS) Teams to facilitate collaborative communication among colleagues within the organization. In May, the company joined force with Symphony, aiming to achieve interoperability between the two systems.