Goldman Sachs has teamed up with AccessFintech to launch a new derivatives cash payments affirmation service.
Goldman Sachs and AccessFintech developed the cross-industry service working with a tier 1 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 will provide zero-touch settlement payment process with a digital workflow for collaborative dispute resolution.
This enables joint focus on value-add activities; 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, commented: “It’s impactful to partner with our clients on joint transformations, addressing current process inefficiencies and creating material value. We look forward to future opportunities.”
Roy Saadon, CEO of AccessFintech, added: “The 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.”
