London, 3 October 2017 – Taskize, the problem solving network for inter-bank operations, reports rapid expansion of its network for post-trade issue resolution. Founded by industry veterans John O’Hara and Phil Slavin and backed by Euroclear, Taskize was created in response to the pressing need for a better way to address post-trade issues between firms.
Taskize has rapidly been on-boarding banks and market infrastructure firms to its production platform, building a network of firms that now work seamlessly together to resolve post-trade issues and queries up to six times faster and far more efficiently than ever before.
Less than a year after going live, over 50 firms – from global banks to smaller regional banks – in 15 countries across Europe, Asia, North and South America are using Taskize to resolve issues across all asset classes. In Q3 2017 alone, Taskize recorded a 115% growth in clients, with a 70% increase in usage, with many more to be onboarded by the end of the year.
Post-trade issue resolution has traditionally been costly, time-consuming and inefficient for banks. A recent study by the DTCC reports that almost 50% of the industry incurs moderate to very high costs for fixing trade exceptions, primarily due to labour (32%) and time (29%). Taskize provides the industry with an efficient solution, enabling banks on the network to resolve issues faster and make work flow easily among firms for any asset class or market participant.
Early adopters are already enjoying the benefits of using the platform. John O’Hara, CEO and co-founder, said “With Taskize, issues that would have taken 3 hours to resolve now only take half an hour. Our clients’ operations teams are resolving settlement, corporate action, funding and collateral problems much more efficiently by assigning, prioritising and managing them across counterparties in order to meet market deadlines and avoid fees and charges, without the constant back-and-forth of phone calls and emails.”
O’Hara continued, “Shorter issue resolution times not only improve client service and efficiency for individual firms, but also contribute to a robust financial services industry. With early adopters having lead the way, now is the time for progressive institutions to capitalise on the opportunity offered by Taskize to resolve exceptions better. Our team can get new clients live and productive in less than a month – it really is that easy to improve your operations.”
- Responding to a pressing industry need Taskize, the problem solving network for inter-bank operations, has experienced exponential growth.
- 115% growth rate in number of clients in Q3 2017
- 70% growth in usage in Q3 2017
- Clients in 15 countries and 4 continents
- Over 50 Clients include banks, asset managers and financial services infrastructure firms
- 5 tier-1 banks are live on Taskize
- Taskize reduces time to resolve issues by up to 83%
Taskize is the problem solving network for financial services operations. It helps resolve post-trade issues by connecting colleagues and counterparties, enabling straight-through-processing exceptions. The unique Taskize Smart Directory™ enables individuals to connect with the right people in the right roles to resolve issues and queries in a timely and compliant manner. Taskize enhances middle-and back-office control, efficiency and risk management and improves client and employee satisfaction. Founded in 2012 by the creator of open standard messaging infrastructure for capital markets, Taskize is privately owned and backed by Euroclear, a leading provider of post-trade services to the capital markets.
For more information, visit www.taskize.com
Pia Nazareno, CEO & Managing Partner, Ideas and Action
[email protected] +44 (0)7946 149382