NEW YORK, NY – Electra Information Systems, Inc. (“Electra”), a leading provider of award-winning post-trade solutions for the investment management industry, has won the 2020 FTF News Technology Innovation award for “Best Reconciliation Solution” for the fifth consecutive year. This award win is the second time Electra has broken the record for most consecutive FTF News award wins in a single category.
The FTF News Technology Innovation Awards, presented by Financial Technologies Forum and FTF News, recognize the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements in operational excellence throughout 2019. Winners are selected by a popular vote of FTF News readers and industry participants, verified by a panel of judges. Electra has been nominated for Best Reconciliation Solution every year since 2012.
Electra’s CEO, John Landry, said: “Our fifth consecutive award win validates our leadership position in delivering best-practice solutions to the buy-side investment operations community. We remain steadfast on modernizing and transforming investment managers’ post-trade processes by improving speed, accuracy, efficiency and transparency. Our innovative use of machine learning, intelligent integration of investment accounting data, and flexible customer service options for data aggregation and reconciliation help firms reduce operational risk, cost and complexity across the entire post-trade lifecycle.”
“It speaks volumes to our nominees and winners that despite the current environment, clients, peers and FTF readers took the time to vote in this year’s FTF Awards — even surpassing the number of votes we received last year,” says Maureen Lowe, president, founder and publisher of FTF and FTF News. “We have seen some real innovation from FinTech companies over the past 12-to-18 months, and we expect that despite current challenges, the innovation will continue. This year, our regular gala has been put on hold, but the celebration will continue — albeit in virtual form through various online initiatives. We remain optimistic, however, that we will be able to all meet again next year for a show-stopping gala celebration. Until then, congratulations to our 2020 FTF Awards winners!”
Key 2019 Innovations Drive Electra’s Leadership
Significantly contributing to Electra’s FTF Award nomination and award win are several key innovations and enhancements the company launched throughout 2019.
Electra Reconciliation 6.0, launched in November 2019, became the industry’s first reconciliation solution to analyze the root cause of exceptions 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.
Electra also expanded its integrated data service which eliminates the 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 firms 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 proprietary semantic-based fuzzy matching algorithm addresses the challenges of esoteric asset classes that lack industry-standard security identifiers. Unlike syntax-based fuzzy matching capabilities that only look only at characters and sentence structure, our fuzzy matching algorithm has been optimized for the matching of investment accounting data. This feature not only reduces the need for manual matching, it also supports the process of updating an investment manager's security cross-reference data.
By simplifying reconciliation and data collection, Electra is enabling firms to gain immediate productivity and repurpose staff for higher-value activities. Functioning as an extension of a firm’s operations team, Electra provides a growing Managed Services offering which 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 provides award-winning post-trade operations workflow solutions and data services for reconciliation, trade matching, settlement and fee billing to global institutional buy-side firms. Asset managers, hedge funds, fund administrators and outsourced service providers use Electra solutions across their middle and back offices to reduce and manage risk, improve operational efficiencies, accelerate fee billing and revenues, and enhance counterparty and investor experiences. Firms can quickly scale to business demands and gain value from Electra’s innovative, patented technology across the post-trade process. For more information, visit https://www.electrainfo.com/.