FINANCIAL technology consultancy Vox Financial Partners has developed new software is says will improve efficiencies in the global financial services industry post Brexit.
And the-Belfast based firm plans to double its team to 12 by 2020 to support business growth and roll out a product solution to delivering over-the-counter (OTC) derivative contracts.
Vox advises on regulatory changes and requirements in North America and Europe, helping banks to plan and deliver major change projects.
Its new product, Opal, digitises contract information and will enable its customers to create and update contracts with ease, minimising the time and cost taken to conclude negotiations.
Vox Financial chief executive Terry Robinson said: “We recognised a gap in the financial trading markets for software that would safeguard data quality and help our customers deliver the repapering of thousands of contracts for their clients. This will be particularly valuable to our target audience following the UK’s exit from the European Union.
“With future business expected to ramp up considerably, doubling our workforce is a significant commitment for the business and one which will help us achieve our export targets.
"Research and development assistance from Invest NI is enabling us to leverage this new area of revenue within OTC derivative contracts, which is a billion dollar industry.”
Invest NI is also supporting Vox Financial to recruit six additional staff and undertake market development activities. The roles include consultants and regulatory change analyst positions and recruitment is under way.
Susan O’Kane, Invest NI’s eastern regional manager, said: “This is an exciting time for Vox Financial Partners as it positions the business to benefit from emerging opportunities across the FinTech industry.
“Developing a technology solution that enables financial services customers to manage the process of repapering their clients in response to regulatory changes, such as Brexit, has vast potential.
“Vox Financial recognises the commercial benefits to be gained from innovation, particularly investment in research and development to support its continued growth. I wish the business continued success.”
