Large banks such as Goldman Sachs, JP Morgan Chase & Co., Citigroup and Credit Suisse Group AG are investing in startup AccessFintech. The $17.5 million investment will give a boost to the Israeli-based company that sells technology to help financial firms handle business errors.
These errors may include data discrepancies between counter-parties on the financial terms of a trade or wrong information used to identify a client. Errors are normally handled manually, via numerous phone calls and emails between various firms, but AccessFintech's technology will help reduce the time and resources needed to resolve these issues by helping financial institutions communicate with each other. It will also reduce the risks associated with the errors.