DTCC-Logo-300x300Inter-bank problem-solving network provider Taskize has partnered with the Depository Trust & Clearing Corporation (DTCC) in a deal which will see the latter’s Exception Manager solution integrated with the former’s services.

According to Taskize, post-trade issue resolution has traditionally been “costly and inefficient” for banks. Around half of respondents to a recent survey from the vendor mentioned their organisation incurred “very high” to “moderate” costs for fixing trade exceptions, with labour (32%) and time (29%) being the most important costs driven by trade failure or trade exceptions.

Taskize operates by routing issues to the right operations staff inside of a business and out. The firm promises to “quickly bring counterparties together” in a “secure environment” to resolve problems.

Read more: Japanese trust banks go live on DTCC post-trade solution

“With Taskize now available to clients of DTCC, we are creating a truly global network of problem-solvers,” said John O’Hara, CEO and co-founder of Taskize. “Banks can now effectively resolve settlement, corporate action, static data and funding problems within the ecosystems of the world’s two largest CSDs, including DTCC, which brings tremendous value.”

Matthew Stauffer, managing director and head of institutional trade processing at DTCC, added: “Trade exceptions have long been a pain point for the industry and DTCC Exception Manager was the next logical step in addressing the inefficiencies facing our clients.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com