Electra has been short-listed for a 2020 FTF News Technology Innovation Award in the category of “Best Reconciliation Solution.” Voting for the 2020 FTF Awards will end May 15, 2020. Click here to cast your vote.
Leading up to Electra’s short-list status are innovative initiatives the company implemented throughout 2019 to help investment operations managers improve post-trade processes by reducing duplicate effort across teams, accelerate investigation of trade breaks and other exceptions, eliminate manual data collection, and ensure peak process efficiency 24/7 with a rapid, low-impact managed services option.
Transforming Post-Trade Processes
In 2019, Electra transformed investment managers’ post-trade processes by uniting reconciliation operations and fostering cross-team collaboration to reduce duplicate effort; and helping them reallocate and maximize resources through expanded data services and a flexible, cost-effective and low-impact managed services option offering rapid implementation and ongoing operational support.
The industry’s first reconciliation solution that conducts root-cause analysis of exceptions, Electra Reconciliation 6.0 launched in November 2019 to accelerate investigations, further improve productivity, and enable management to gain real-time insight into current positions. It incorporates patented intelligent integration workflow with the addition of research data, advanced semantic-based matching, and machine learning for recognizing behavior patterns on external events and third-party data.
Expanding Integrated Data Aggregation
Instrumental to Electra Reconciliation 6.0 is Electra’s expanded integrated data service which eliminates manual collection of client data by aggregating all necessary data on failed trades, corporate actions, securities lending, collateral and other research to drive an efficient and accurate investigation process. Electra’s expanded data catalog helps organizations meet upcoming regulatory requirements, increase performance and profitability, reduce back-office risk and cost, better allocate staff, and obtain greater transparency on the quality and speed of data feeds. Electra’s semantic-based fuzzy matching significantly reduces errors and speeds processing by recognizing word meanings to quickly and accurately pair transactions and support subsequent reconciliation activities, unlike syntax-based matching capabilities which look only at characters and sentence structure.
Simplifying Reconciliation and Data Collection
Electra also simplified reconciliation and data collection by enabling firms to gain immediate productivity and repurpose staff for higher-value activities. Functioning as an extension of a firm’s operations team, Electra Managed Services combines Reconciliation with Data Services to support crucial parts of the reconciliation process and ensure peak process efficiency 24/7. The service enables firms’ staff to focus on true exceptions and higher-level tasks, while Electra manages and maintains the entire platform.
Electra won the FTF News Technology Award for four consecutive years (2016, 2017, 2018 and 2019) – setting a record as the first time any company had earned this distinction in a single category – other industry awards for reconciliation, data and outsourcing.
Click here to cast your vote. Only votes from business e-mail addresses will be considered.
The 2020 winners will be announced in June 2020.
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