Automated Reconciliation - The need of the hour for Banks and Financial Intuitions

Posted by ricky26 on June 16th, 2014

Industry and government initiatives for Straight Through Processing (STP), Regulatory initiatives and ever growing market demands for improved operational efficiency and visibility while reducing operational risk and ongoing operational costs. The ever changing market scenario mandates the enterprise IT systems to be flexible enough to incorporate the market needs in the least possible timeframe.

An essential and critical process of any brokers / investment banks / custodians / depositories / banks is to ensure that its books and records are balanced and accurate for the well-being of any Securities Trading. There is an inevitable need for the stock records to be up-to-date so that they reflect the correct status, which in turn ensures that all the participants (Brokers, Dealers, Stock Exchanges, Clearing Houses, Depositories, and Clearing Banks) in the trade life cycle (TLC) are in sync with each other, to help participate in seamless settlements of trades. To ensure the correctness of the transactions, reconciliation becomes an important part of any business processes during each stage of the TLC Financial reconciliation software of trades and stock positions is achieved through the comparison of specific pieces of information within the organization’s books & records, and between the organization’s books & records and the outside world. Reconciliation is a vital in any front office, middle office or back office processes of a Securities Trading organization (STO). This process is required to take complete control of the enterprise Data. Reconciling trades and positions within internal books & records with the outside world is vital in ensuring that the organization remains in control of its assets and liabilities.

Organizations across the globe have become increasingly aware of the necessity and importance of automated reconciliation IT solutions to ensure error free process , as gaps in systematic processing of transactions can lead to regulatory/operational/reputational/financial risks.

Securities trading organizations run on disparate, geographically distributed heterogeneous systems, which use localized technologies and processes. Reconciliation is often done manually or through semi-automated processes resulting in inconsistent data across the enterprise and trading partners. Reconciliations solutions lack enterprise scale integration within the organization and also with the outside world.

To succeed, institutions need reconciliation and exception management solutions that can scale to handle the increased transactional volume and support heightened performance demands, by exhibiting high adaptability in the ever changing market dynamics. Due to the heterogeneous nature of the enterprise IT systems, seamless integration with the up & down stream systems for data feeds & updates, is an uncompromising need.

Ascent Recon Trading (ART) is a reconciliation platform (built on a high performing Ascent Recon generic reconciliation engine), which offers complete and readily configurable solution for TLC management in any STO. It can efficiently meet the diverse data pre-processing, data validation, data enrichment, reconciliation, exception management, enterprise reporting, downstream information flow, risk repository, archiving, auditability and financial control needs of any small/medium/ large institutions.

Ascent Auto Reconciliation performs intelligent matching at each stage of the TLC to report focused exceptions which help reducing costs for an enterprises’ transaction management across TLC. ART Innovative solution is fully configurable to define a process specific data source, pre-processing, grouping rules, matching rules, match combinations & iterations, recon status, embedded exception management, enterprise reports, managerial dashboards, custom user workbench based on any view dimensions , batch process jobs, schedules, real-time reconciliation & data loading\updates, Transaction Life Cycle workflow, authorized accessibility & workflow, alerts & escalations, auditability and system traceability log dashboard.

If you need more information on escrow management for BANKS, Exchange houses, financial institutions you can log onto http://www.ascentmiddleeast.com/financial-reconcillation.php

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ricky26

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ricky26
Joined: February 7th, 2014
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