Enhancing settlement efficiency: Taskize's Meritsoft partnership

Last week marked a significant milestone for Taskize as we announced our partnership with Meritsoft, a Cognizant company.

Last week marked a significant milestone for Taskize as we announced our partnership with Meritsoft, a Cognizant company. The response from the media and industry experts has been overwhelmingly positive, validating the impact of this integration on the financial landscape.

To recap, this partnership aims to elevate settlement efficiency through the integration of Taskize’s collaboration and workflow capabilities into Meritsoft’s cross-asset Trade Tracking and Exception Manager (TTEM).

The announcement received widespread media attention across many different publications, including an interview featuring Taskize’s Head of Product, Kishan Bharwad, and Meritsoft’s CEO, Daniel Carpenter, conducted by A-Team Insight.

In their article, The TRADE explains the need for the Taskize and Meritsoft integration: “With the imminent launch of T+1 in the US, Canada, Mexico, and Argentina by the end of May, the reduction in settlement cycles for equities and bonds will slash matching times by up to 80%. This intensifies the pressure on market participants to match trades promptly, meeting settlement deadlines and avoiding associated costs.”

Daniel Carpenter, CEO of Meritsoft, emphasised the importance of streamlining settlement processes amidst growing operational challenges, highlighting the role the Taskize platform plays in facilitating seamless communication and resolution.

He said: “The process of manually identifying and intervening to prevent or resolve a failed trade takes significant operational resources and all too often relies on a web of email and phone communication. In the context of T+1 and growing pressure to resolve settlement issues quickly, the integration of Taskize into our trade tracking and exception management system is a significant step in helping market participants to streamline their settlement processes.”

Global Trading provided insights into the technical aspect of the integration, emphasising TTEM’s ability to provide real-time trade matching and settlement status updates. The Taskize platform, utilised by over 600 banking and financial firms worldwide, serves as a secure workspace for resolving queries, seamlessly connecting counterparties and enhancing efficiency:

“TTEM users can initiate a trade settlement query in the TTEM Trade Window, simultaneously creating a secure workspace in the Taskize platform. The Taskize platform will connect the TTEM user to the most appropriate individual for resolving the query at the counterparty. TTEM users can interact with counterparties regardless of the communication tool they use without leaving the system.”

“Based on predefined rules, TTEM AI uses historical trade matching and settlement data combined with current live lifecycle statuses to initiate queries in Taskize without user input, further increasing the efficiency of the platform.”

Looking ahead, Global Custodian quotes Taskize’s interim CEO, James Pike, who explains:

“Financial markets are becoming more complex and interconnected; as trading volumes increase, new regulations are implemented, and new markets rise to the fore. In this context, interoperability of post-trade systems is essential.”

“Our integration with Meritsoft is a testament to our commitment to connecting front and back-office teams, enabling the smarter allocation of work to speed up time consuming manual exception resolution tasks and, as a result, navigate the increasingly complex market environment.”

More coverage of the integration can be found in the following publications: