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Taskize
Taskize ’ s success story can certainly be quantified . Now boasting 500 clients across 85 countries , the fintech says firms joining the Taskize network report up to a 70 % reduction in issue resolution times , a
90 % reduction in email and a three-fold increase in productivity . Almost a mature outfit – in comparison to its peers in this list – Taskize was founded in 2012 by Philip Slavin , the current CEO and
John O ’ Hara , the former chief executive . Owned by
Euroclear , its journey has been unique , and Taskize has emerged as a poster child of the
ICSD ’ s innovation strategy which involves investment , acquisition and partnerships . Taskize replaces phone and email within the operational process , improving security , simplifying access , and ensuring clients know the progress and status of their requests . Coming back to the numbers , Taskize points out that despite decades of investment in STP , operational processes still fail , and new ones are being created to meet market and regulatory demands , with research showing that 60 % of operational TCO is made up of human costs . “ In order to meet these challenges and escape from the tyranny of email where transparency and control are arduous overheads , Taskize provides an intercompany workflow platform specifically designed to reduce resolution times , releasing resource capacity and giving management back the oversight , they need to drive their business forward ,” the firm explains to Global Custodian .
ELEVATOR PITCH
The Taskize mission is to maximise the efficiency of human capital across financial services global operations and transform collaboration and resolution workflows by connecting all operations staff and replacing email , phone and chat with purpose-built inter-company workflows to help anticipate , mitigate and resolve operational activities where STP has failed .
The concept has certainly resonated and the growth has been accelerated by the wave of new regulations alongside industry initiatives , such as T + 1 settlement . The Settlement Discipline Regime of the Central Securities Depository Regulation ( CSDR ) and the Uncleared Margin Rules ( UMR ) have also created an increased need for solutions that facilitate faster and more
Notable partners and collaborators : Euroclear , Citi
efficient resolution of settlement breaks and margin disputes . As the owner of Taskize , Euroclear has used the platform as the preferred channel for its members to appeal penalties at both the ICSD and its domestic CSDs . Meanwhile , Citi partnered with the fintech to streamline counterparty operational workflow . The deal enables the bank ’ s custody clients to leverage Taskize ’ s query management platform to directly connect to their Citi Operations counterparts . The firm also tells Global Custodian that its customised workflows are specifically designed to support when firms have outsourced their operations , and this subsequently helped a Tier1 outsource provider win a new mandate . Taskize is also used for internal workflow and scheduled tasks in a top five global asset manager across its global operations to allow it to resolve issues faster and track resource activity to allow improvements in allocation across teams . As for the future , the industry shift to T + 1 across the world and a focus on improving settlement efficiency , leads to a drive for greater efficiency and control through best-of-breed partnering and inter-operability . Taskize says it plans to offer new tailored workflows that help financial institutions resolve post-trade operational problems in the best possible way and prevent exceptions and queries before they occur , using predictive analytics .
42 Global Custodian Fall 2022