Genesis and Symphony partner to accelerate digitalisation and connectivity for the global financial markets community
Genesis, a Low-Code Application Platform (LCAP), and Symphony Communication Services, have formed a strategic partnership to provide the financial markets community with interoperable technology and applications, built and deployed both securely and at speed.
The partnership will help to transform financial markets collaboration by pairing Genesis Low-Code Application Platform to drive digitalisation with Symphony’s collaboration platform which securely and compliantly connects people, organisations and financial markets.
As the financial markets community has become increasingly reliant on electronification and collaboration tools in an effort to mitigate risk and increase efficiencies, Genesis and Symphony’s partnership will improve workflow productivity while also ensuring that clients can meet the highest standards of global regulatory compliance. A range of applications designed and built on the Genesis Low-Code Application Platform will be made available to the over half a million financial professionals in the Symphony community.
Symphony’s collaboration and messaging platform was built for the needs of the financial services industry, with over 535,000 users from more than 360 companies worldwide. The platform allows applications and users to share information, context and intent, in a secure and compliant way. This year alone, the company has registered record growth in its community with a 32 per cent increase in monthly active users, and over 170 million messages sent every month, solidifying Symphony’s position as one of the world’s largest communities in financial markets.
Genesis Low-Code Application Platform, also designed for the specific requirements of the financial markets, enables rapid creation of applications without having to write substantial lines of code. It is an enterprise-scale offering, uniquely positioned with the extensive Genesis Application Library of pre-built applications. This helps market participants quickly address a spectrum of front, middle and back office challenges from the simple Business Process Management (BPM) workflows as well as extending to the complex use cases such as real-time trading solutions and risk management.
Both the Genesis Application Library and the Genesis LCAP that empowers users to create their own bespoke applications will be Symphony ready. One example is a trade allocation manager application that has already been fully integrated and is available to the Symphony community. The multi-asset class solution automates middle office workflows and enables trade capture directly from the Symphony messaging platform, providing seamless straight through processing (STP) for trade files, confirmations, and settlement. In addition, users have the freedom to integrate with different front and back office applications as required. With Symphony, any community member will be able to communicate trade information data through secure, end-to-end encrypted messaging on the Genesis Low-Code Application Platform.
Commenting on the collaboration, Stephen Murphy, Chief Executive Officer of Genesis, says: “We are very excited to partner with Symphony. 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, says: “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.”