AcadiaSoft partners with LIKEZERO to bring clients an industry approach to document digitization
AcadiaSoft Inc., the leading industry provider of risk and collateral management services for the derivatives community, has announced that it will partner with LIKEZERO, an innovator in next generation data capture and contract analysis technology for complex financial contracts. The partnership will provide trusted data services via AcadiaSoft’s Agreement Manager and integrate with LIKEZERO to offer a holistic set of solutions to clients to enable smart management of agreement data.
“Maintaining and amending legal agreements is complex, time consuming and costly,” said Fred Dassori, Chief Product Officer at AcadiaSoft. “Our goal at AcadiaSoft is to provide an interconnected framework for the industry that allows clients to manage legal agreements in a centralized location – bringing new value to what were previously siloed records with limited interoperability. This partnership with LIKEZERO will allow market participants to seamlessly digitize and access legal agreement data via Agreement Manager.”
The partnership will help clients expedite agreement data capture and manage amendment processes while also reducing agreement-driven disputes by using standard data representation. With Agreement Manager, clients can extract, transform, and load legal data into the platform, allowing firms to fully integrate the solution with a minimal impact on their internal IT infrastructure. Once a common record exists within a shared infrastructure, disputes between counterparties will be largely eliminated and allow for data-driven decision making and event management. The standard data representation is made available to additional client-side applications from a controlled environment, resulting in a significant reduction in the friction that currently drives up costs.
“As the OTC derivatives market moves towards greater standardization and automation, our partnership offers clients the opportunity to transition to smarter contracts, where lifecycle events can be managed as data processes,” said Mike Lines, CEO of LIKEZERO. “Our next generation data capture technology will offer two immediate operational benefits: a much lower cost of agreement data capture and a significant reduction in the cost of exceptions and disputes.”
Additionally, AcadiaSoft’s LIKEZERO partnership offers clients the opportunity to access broader contract analysis services. Clients can extend the data sets they capture from derivative agreements or use the service to solve a wide range of regulatory change challenges such as LIBOR transition, Force Majeure, Negative Interest and Brexit. Clients are already leveraging this integrated technology and benefiting from a trusted solution that is up to ten times faster than manual review.