During a recent meeting, a prospective client reiterated just how much time they spend every day resolving exceptions. Most of the vendors they met with prior to Electra were touting improvements made to matching rates through machine learning or another technology innovation. This prospect questioned the actual time they would save in the investigation process by increasing match rates for their holdings and transactions data by a few tenths of a percent. Instead, our prospect saw through the buzzwords and noted that the vast majority of their exceptions are true breaks that often require them to leave the reconciliation application to diagnose why the break occurred and what steps are needed for resolution.
Rather than focus on our ability to achieve high match rates, we chose to show them how our system intelligently supports the investigation process. Our patented technology dynamically links relevant research information to any break selected by the user. For example, if a position break is selected and there is an outstanding failed trade associated with it, Electra Reconciliation users are made aware of this information instantly within the application. In most cases, there is no need to access third-party reports or systems which require separate login credentials and additional effort to deduce the reason for a break. Highlighting any exception triggers the intelligent investigation capabilities of our solution with all relevant research, populated in clear view of the end-user. Today, our clients integrate various forms of research data with their investigation process, including: failed trades, pending trades, collateral, corporate actions, security lending and other data.
This unique and innovative approach to investigating breaks resonated with our prospect because they could see the value in having the investigation-related data at their fingertips and not several clicks or screens away. It should not come as a surprise that this particular prospect is now part of the Electra community!
(Todd Sloan - Electra Reconciliation Product Manager)