Access FinTech & J.P. Morgan launches real-time payment statuses for the buy-side

By Pavithra R

Access FinTech, an innovative risk management service for banks and buy-side firms has announced an extension of its partnership with J.P. Morgan to include real-time transparency to payment statuses and workflow for dividend, income, and cash wire movements.

The integration of payment statuses compliments J.P. Morgan’s existing solution which provides buy-side clients visibility to real-time trade statuses in Access FinTech. J.P. Morgan’s Securities Services business was the first custodian to deliver enriched transaction data sets directly to the Access FinTech dashboard.

The post-trade transaction lifecycle is a significant driver of operational inefficiency for buy-side clients, due to insufficient status transparency and manual exception workflow with custodians. J.P. Morgan has built real-time statuses and workflow for trades and payments, allowing buy-side clients to have proactive visibility to their full suite of transaction types at J.P. Morgan.

“J.P. Morgan has been at the forefront of developing industry-leading solutions in collaboration and data transparency. With the additions of these new, important enhancements, the market can further optimize and streamline burdensome processes with a truly real-time view of their workflow. Access FinTech’s mission is to make financial institutions more efficient and to reduce costs. We look forward to working with the innovative J.P. Morgan team on delivering further streamlining benefits to their clients,” said Roy Saadon, Co-Founder and CEO of Access FinTech.

The offering provides market statuses and enhanced commentary from J.P. Morgan on payments, including action ownership to establish responsible party for issue resolution. The solution includes bi-directional workflow so buy-side clients can directly communicate with J.P. Morgan from the Access FinTech dashboard.

The solution allows buy-side clients to remain within the Access FinTech dashboard for transaction management, reducing the need to monitor multiple internal tools and custodian portals. It also minimizes the need to call brokers and custodians to retrieve updates, allowing clients to direct operations staff toward more value-added functions and eliminating inefficiency and manual workflows.

“Lack of real-time statuses on payments has been a key challenge for buy-side clients, especially with increased pressure on real-time cash forecasting. This new functionality on Access FinTech coupled with J.P. Morgan’s industry leading operating model will help clients provide real-time insights into the status of payments, enabling better cash forecasting. Access FinTech has become an important resource for providing buy-side clients with real-time transparency to transaction data and workflow,” said Naveen TV, Managing Director at J.P. Morgan Securities Services.

Founded in 2016, Access FinTech delivers collaboration, transparency and control to the financial services industry. The firm brings together FinTech providers and in-house technology, orchestrating the interaction of the distributed providers and creating a single visual display of the risk of financial transactions in a global sharable view.