Genesis and Symphony partner to accelerate financial services digitisation

The new partnership between Genesis and Symphony will look to securely and compliantly connect people, organisations and financial markets.

As the sector becomes increasingly reliant on digital technologies to stay connected while mitigating risk, the partnership aims to improve workflow productivity, as well as helping clients to maintain compliance standards.

A range of applications designed and built on Genesis will be made available to the Symphony community, which currently consists of over half a million financial professionals.

Symphony’s collaboration and messaging platform, which focuses on the needs of the financial services industry, allows applications and users to share information, context and intent, in a secure and compliant way.

These capabilities will be combined with enterprise-scale low-code offerings from Genesis, which include a library of pre-built applications designed to help market participants overcome a range of front, middle and back office challenges.

For example, a trade allocation manager application has already been fully integrated and is available to the Symphony community. This solution automates middle office workflows, and enables trade capture directly from the Symphony messaging platform.

From here, straight through processing (STP) can be provided for trade files, confirmations, and settlement.

Additionally, users are able to integrate with different front and back office applications as required, and any member of the Symphony community can communicate trade information data through end-to-end encrypted messaging on the Genesis platform.

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“We are very excited to partner with Symphony,” said Stephen Murphy, CEO of Genesis. “The powerful combination of Genesis Low-Code Application Platform and Symphony’s collaboration and messaging platform means that together we can provide highly performant and scalable applications to the financial markets community.

“Through Symphony’s open architecture, users can now seamlessly integrate their workflows with both our applications and Symphony’s growing ecosystem of third party applications. This allows them to create enriched, digital workflows, and at speed.

“We share a common goal with Symphony: to drive industry collaboration and improve and simplify the way financial markets develop, deliver and adapt their solutions to the changing market needs.”

Brad Levy, president and chief commercial officer at Symphony, commented: “The Symphony and Genesis offerings complement each other. We’re modern technology companies that help drive the digitisation agenda across the industry and around the world.

“Our vision at Symphony is to improve connectivity, connecting more people and more systems, empowering capital markets and finance professionals in a straightforward and compliant way. Our partnership with Genesis will encourage community-led innovation and make it quicker and simpler for our users to securely access the latest desktop applications.

“This in turn will improve workflow efficiency, while organisations will be able to future proof their business with technology that is fit for both today, and can easily and quickly adapt to the changing market environment of tomorrow.”