AccessFintech, the financial technology firm that operates the Global Exceptions Network for exception resolution and risk management, has closed a series A funding round.
The company secured $17.5 million investment from Citi, Credit Suisse, Goldman Sachs and JPMorgan Chase & Co. (J.P. Morgan).
The AccessFintech network aggregates business exceptions and provides risk management and resolution tools.
All four institutions contributing to the funding round have been working with AccessFintech on projects to increase market collaboration and reduce operational risk throughout the past year, individually and as a group.
The funding will enable AccessFintech to further invest in its risk and exception management services, expand global account coverage and accelerate uptake within institutions not only in post trade operations, but also areas such as credit monitoring and outsourcer oversight.
“Exceptions” are created from business activities such as clearing, confirmations, surveillance and credit monitoring that require an intervention to be resolved.
As these exceptions often have a business impact but the severity of which is difficult to determine, AccessFintech provides a layer across the organisations’ systems to evaluate, prioritise, visualise and identify which user interaction is required, and by which firm.
AccessFintech’s products seek to address capital markets constraints and help financial institutions to reduce their risk exposure. The Global Exception Network provides aggregation services by consuming data from internal and external systems and allowing participants to visualise and prioritise their own risk.
The Collaboration layer then allows sharing such events across the ecosystem and offers users the ability to “pair” their exceptions with other institutions for quicker resolution – both peer-to-peer and client-provider relationships.
As a result of the aggregation layer, AccessFintech says it enables a Sandbox framework to trial new financial technologies at a fraction of today’s cost, significantly reducing barriers to entry for fintech firms.
Roy Saadon, founder and CEO of AccessFintech, said: “Our growth has been fuelled by solving a real and immediate problem that is hindering the evolution of the financial industry.
“Our clients have identified that the service needs to be supported from within the industry and are helping provide momentum to reach the entire eco system. Citi, Credit Suisse, Goldman Sachs and JP Morgan have been very supportive customers first and foremost, we are thrilled and grateful that they see the potential of AccessFintech.”