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Meritsoft Integrates Taskize to Enhance Trade Settlement Efficiency as T+1 Takes Effect

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As markets in North America transition to a T+1 settlement cycle this week, Meritsoft, a Cognizant company, has integrated Taskize’s collaboration and workflow functionality into its Trade Tracking and Exception Manager (TTEM) to expedite query resolution and minimise trade settlement failures in the shortened timeframe.

Meritsoft’s TTEM platform monitors the entire trade lifecycle, providing near real-time updates on trade matching and settlement statuses. This allows users to identify and address at-risk trades promptly, ensuring they meet the new shortened settlement deadlines and avoid the costs associated with failed settlements.

Taskize, utilised by over 600 financial firms globally, offers a secure workspace for resolving trade queries. The integration enables TTEM users to initiate settlement queries directly within the TTEM interface. This action creates a secure workspace in Taskize, known as a Bubble, connecting users with the appropriate counterparties to resolve issues swiftly. Moreover, the integration leverages TTEM’s AI capabilities to automate the creation of Taskize Bubbles. By analysing historical trade data and current trade statuses, the system can initiate queries automatically, enhancing operational efficiency and reducing the likelihood of trade failures.

Speaking with TradingTech Insight, Daniel Carpenter, CEO of Meritsoft, explains the significance of the integration: “In the T+1 environment, firms need to resolve issues as they arise. If the issues are internal, that’s straightforward. But once you need to communicate with an external counterparty, how do you resolve the issue effectively? Traditionally, this would involve PDFs, phone calls, emails, and similar methods. Nowadays, instant messaging is more common, which is fine, but it raises questions about the audit trail and how to capture a comprehensive view of communications.”

He continues: “Our integration with Taskize addresses this. From a bank’s perspective, you don’t need to leave the Meritsoft system. The system will automatically identify a trade at risk of failing to settle and, through our integration with Taskize, the necessary information is sent to the counterparty, regardless of the system or communication channel they use. When the counterparty responds, their reply comes directly back into our system, so the user remains within one system on the screen. By integrating the existing capabilities of TTEM in forecasting, predictive analysis, AI, and tracking, with Taskize, it now allows our clients to resolve issues through their routing mechanism, streamlining the entire process. You don’t need to know what systems all these different counterparts are using, because Taskize takes care of all of that for you. That’s the purpose behind it.”

Kishan Bharwad, Head of Product at Taskize, elaborates on the integration’s benefits. “The integration with Meritsoft allows clients to consolidate and manage exceptions in one place. When the user clicks on an exception within Meritsoft’s TTEM exception management dashboard, it brings up a Taskize resolution window right next to the exception. This means users can start resolving the issue with their counterparties immediately using our unique prioritisation technology, our Smart Directory, and the integrations we’ve built with various communication channels. This setup is particularly exciting as it empowers users to identify and resolve problems almost simultaneously.”

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