Taskize, a provider of inter-company workflow to the financial services industry, has confirmed that 500 financial institutions are now live on the company’s network, almost double the 289 companies in January 2021.
Operating across 85 countries, the recent growth of the network has been driven by the wave of new regulations along with industry initiatives, such as T+1 settlement, according to the company.
The Settlement Discipline Regime of the Central Securities Depository Regulation (CSDR) and the Uncleared Margin Rules (UMR) have created an increased need for solutions that facilitate faster and more efficient resolution of settlement breaks and margin disputes.
The global, web-based platform, used by Tier-1 investment banks, brokers, asset managers, hedge funds, central securities depositories (CSDs), custodians and centeral counterparties (CCPs), allows firms to more efficiently manage operational issues across counterparties as well as internally within their organisation.
The company said users can manage work flow across all their post-trade operational areas, including settlements, corporate actions, income and collateral.
The API also integrates with existing applications allowing internal workflows to be extended across the entire business network.
“We are excited to have passed this significant milestone after experiencing strong demand from the market, ” said Philip Slavin, CEO and co-founder of Taskize.
He added, “In the face of mounting regulatory pressures, we expect the network of Taskize users to continue to grow, which will bring cumulative benefits as the industry reaps the rewards of radically reducing emails between global financial operations teams by up to 90%.”
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