Four Wall Street Banks Invest $17.5 Million in AccessFintech

AccessFintech, that sells technology which enables financial firms to manage business errors more effectively, has received $17.5 million in investments from four Wall Street banks, a report from Reuters said today.
The firms in question are , JP Morgan Chase & Co, Citigroup Inc and . Specifically, AccessFintech has created a network that combines and helps to fix business errors or so-called “exceptions”.
These errors occur when financial companies carry out activities that require interventions to be resolved. For capital markets, these can range from incorrect data being used to identify a customer or data discrepancies in trades.
By using the Israel-based startup’s technology, firms can shorten the time and decrease the resources needed to resolve these issues. This is achieved by facilitating communication between financial institutions. The technology will also lessen the risks that come with these errors.
Big banks are more willing to work together
According to the report from Reuters, over the past 12 months, the four banks have been working both with the startup individually and as a group, to assist in the creation of the technology.
This collaboration is part of a larger trend that shows that large banks and financial institutions are willing to work together and support startups, however, this is limited to areas that don’t give them an edge over their rivals.