Goldman Sachs joins forces with AccessFintech to deliver new payments service
09 November 2020 UK
Image: SkillUp/Shutterstock
Goldman Sachs has teamed-up with AccessFintech to launch a new derivatives cash payments affirmation service.
The pair developed the cross-industry service working with a tier-one buy-side client to embed a process that allows for the real-time supervision and scrutiny of expected cash payments associated with derivatives trading.
The new service aims to provide a zero-touch settlement payment process with a digital workflow for collaborative dispute resolution, according to AccessFintech.
This, it says, enables joint focus on value-add activities by reducing repetitive manual processes and the need for outreach via email or phone to gather the latest status.
The introduction initially focuses on interest rate coupons and cross-currency swaps, credit as well as equity total return swaps with future expansion to other over-the-counter (OTC) derivatives.
Chris Daur, the Americas client coverage group head for Goldman Sachs, comments: 鈥淚t鈥檚 impactful to partner with our clients on joint transformations, addressing current process inefficiencies and creating material value. We look forward to future opportunities.鈥�
Roy Saadon, CEO of AccessFintech, adds: 鈥淭he 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.鈥�
The pair developed the cross-industry service working with a tier-one buy-side client to embed a process that allows for the real-time supervision and scrutiny of expected cash payments associated with derivatives trading.
The new service aims to provide a zero-touch settlement payment process with a digital workflow for collaborative dispute resolution, according to AccessFintech.
This, it says, enables joint focus on value-add activities by reducing repetitive manual processes and the need for outreach via email or phone to gather the latest status.
The introduction initially focuses on interest rate coupons and cross-currency swaps, credit as well as equity total return swaps with future expansion to other over-the-counter (OTC) derivatives.
Chris Daur, the Americas client coverage group head for Goldman Sachs, comments: 鈥淚t鈥檚 impactful to partner with our clients on joint transformations, addressing current process inefficiencies and creating material value. We look forward to future opportunities.鈥�
Roy Saadon, CEO of AccessFintech, adds: 鈥淭he 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.鈥�
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