Electra Reconciliation increases efficiency at London-based asset manager
NEW YORK –June 21, 2018 -- Electra Information Systems (Electra), the leading provider of state-of-the-art reconciliation solutions for the asset management industry, today announced that London-based Cardano has implemented Electra Reconciliation to support intraday reconciliation to increase efficiency and eliminate risks associated with waiting until the next day for exceptions to be resolved.
Intraday reconciliation has become increasingly important as managers accelerate the frequency at which they process reconciliation data and move away from overnight file processing. Electra’s intraday reconciliation capability addresses the risks associated with waiting until tomorrow to resolve exceptions identified today. Electra utilizes a proprietary algorithm that identifies and excludes duplicate data while allowing true reconciliation updates to enter the workflow. This approach to delta identification eliminates the importing of erroneous exceptions and the time lost investigating them. Electra Reconciliation also manages the migration of exception management-related material between the historical data in the solution and all incoming delta updates. This important feature safeguards the integrity of the investigation audit trail.
“Until now, investment managers have had to revisit exceptions that have already been investigated and corrected in their core systems, introducing redundancy to the reconciliation process. The value of an intraday reconciliation process is that it eliminates many of the risks associated with waiting for an overnight upload to clear the breaks,” says Todd Sloan, Senior Vice President at Electra. “Our solution takes a lot of the complexity out of the current process.”
“The intraday functionality helps us be more efficient in our daily reconciliation process, allowing us to be current and accurate in our record keeping throughout the day. This is a key factor in satisfying the increasing demands on operational support.” says Freddy Roddenhof, Head of UK Operations at Cardano.
ABOUT ELECTRA INFORMATION SYSTEMS
Electra Information Systems is an award-winning innovative provider of proven post-trade software solutions for the asset management industry. The largest buy-side aggregator of investment accounting data, Electra is relied upon by institutional investment managers, hedge funds, insurance companies and plan sponsors for their data management command and expertise.
Electra partners with clients, which include more than 200 users in 11 countries and forty percent of the top 75 of the world’s asset managers (P&I Ranking published May 29, 2017 based on December 31, 2016 data), helping them significantly increase efficiency and reduce risk. With decades of collective subject-matter expertise, Electra is a specialized one-stop-source for post-trade processing solutions.
For more information, please visit www.electrainfo.com.