Financial Institutions in Japan are leveraging Symphony to streamline communication for equities settlement workflow
Tokyo, Japan, 17 May, 2023 – Financial institutions Barclays, BNP Paribas, Goldman Sachs and J.P. Morgan are streamlining communication processes for equities settlement workflow in Japan through Symphony, the leading markets’ infrastructure and technology platform. Their objective is to digitize and streamline the workflow, adapt to hybrid working environments and improve customer experience, as well as explore use of chatbots for further workflow automation.
The group of firms have explored the potential of chat for equities settlement workflows with external counterparties and the transition from phone conversations to chat while enhancing key compliance standards. With this, reducing errors and saving time on phone calls is made easy on Symphony, where chats are retained on record. Symphony offers secure messaging and communication services that are designed to meet the needs of the financial industry. The platform’s end-to-end encryption capabilities and compliance features ensure communication is secure and facilitate compliance with regulatory requirements.
Chatbots for workflow automation are also being considered, with the goal to greatly reduce the manual workload for employees and make the settlement workflow more streamlined. By automating routine processes, employees can focus on more complex tasks that require human knowledge and expertise.
The firms plan to bring more financial institutions on board in the next phase of the project. The group is committed to digitization and automation to improve the efficiency and effectiveness of the equities settlement process.
“We are thrilled to be working with these esteemed financial institutions and look forward to expanding the reach of this initiative. Symphony is proud to be the platform of choice,” said Marie Patton, Symphony managing director for APAC.
This use case is a clear demonstration of the financial industry’s commitment to innovation and collaboration. By working together, these institutions are bringing more efficiency and effectiveness to equities settlements through compliant processes.
Symphony is the most secure and compliant markets’ infrastructure and technology platform, where solutions are built or integrated to standardize, automate and innovate financial services workflows. It is a vibrant community of over half a million financial professionals with a trusted directory and serves over 1000 institutions. Symphony is powering over 2,000 community built applications and bots. For more information, visit www.symphony.com.
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