Watson Wheatley Financial Systems, specialists in securities reconciliation software, has launched Reconciliation as a Service, which is now live with its first client; a large emerging markets equities asset manager.
The service is heavily automated, bounded by strict SLA’s and provides regular reporting for oversight of the process. Watson Wheatley is looking to further automate the process which will allow faster data delivery, higher match rates and overall cost savings for the client.
The service is designed to save on manpower while still providing the best practice reconciliation which is a cornerstone of Watson Wheatley’s offerings. A full audit trail, sign off process and the elimination of spreadsheets is achieved by using this hosted application. Multiple types of reconciliations are being performed and performance analytics being delivered back to the client.
Further details of the specific agreement and Reconciliation as a Service are expected to be revealed in due course.
Tom Wheatley (pictured), COO at Watson Wheatley, says: “This was an excellent opportunity for a new business line at Watson Wheatley, leveraging our powerful reconciliation solution iRecs to deliver a comprehensive reconciliation service to our client. The solution is hosted by Watson Wheatley in the cloud, with direct import and upload capabilities back to the client’s portfolio accounting system, allowing for seamless integration with their daily processes.
“We also have a great excuse to use our system daily and fully experience the day to day use of the product in a real environment. We have had excellent feedback over the years from our clients but this provided an extra opportunity to realise real productivity gains as a direct result of using the application ourselves.”
