SunGard has rolled out IMpower Reconciliation, which provides asset managers a more automated approach for reconciling custodian positions, transactions and cash statements. SunGard officials said they have signed up their first client for the new service and are now in the process of implementing the system.
SunGard today announced the availability of IMpower Reconciliation, which is available to customers of IMpower, SunGard’s Web-based, global portfolio management system. IMpower Reconciliation provides asset managers a more automated approach for reconciling custodian positions, transactions and cash statements. SunGard has signed and is currently implementing its first customer of the new service.
Offered to asset managers as an ASP solution, IMpower is a comprehensive portfolio management system which provides integrated portfolio management, accounting, trading, performance measurement, and reporting capabilities. IMpower Reconciliation, available as an additional module of IMpower, is based on intelliMATCH, SunGard’s solution for automated reconciliation and exception identification. IMpower Reconciliation extends IMpower’s standard reconciliation functionality, helping reduce manual, error-prone processing of transactions by automatically identifying exceptions, reducing investigation time and helping users to re-allocate costly resources by automating previously manual tasks.
IMpower Reconciliation provides the following:
* Access to daily and/or monthly reconciliation using customizable rules to support the unique business processes of each asset manager.
* Exceptions are identified and automatically uploaded and posted back to the system, in a proactive manner, helping to reduce the operational risk, high costs, and time spent on error-prone manual processing.
* Comprehensive reports and graphical, browser-based dashboard provide up-to-the minute operational information for both users and management.
* Connectivity to SunGard Transaction Network (STN) for SWIFT, providing direct access to custodians on the SWIFT network.
* Consolidation of incoming data feeds from any source into a single, consistent format, so that SWIFT and non-SWIFT member custodians, data files and static data can be addressed with a more streamlined, standardized treatment of information to reduce risk, errors and time spent on manual downloads.
* Scheduled, automatic downloads of custodian and advisor files to reduce the amount of time spent on manual downloads.
* Detailed audit trails to track transactions, positions and more.
“IMpower allows asset managers to streamline an array of portfolio management functions, reducing the risks and costs of their operations,” said Doug Morgan, president of SunGard’s Institutional Asset Management business. “With IMpower Reconciliation, SunGard gives customers an even more innovative, proactive and automated portfolio management solution that can be easily configured to their operating environment. Both longstanding and new customers can gain from the increased efficiencies that IMpower Reconciliation can lend to their day-to-day portfolio management tasks.”
A multi-faceted processing solution for investment management firms, IMpower provides portfolio management, trading, accounting, performance measurement and reporting. Firms use IMpower’s real-time processing features to support investment decision-making. They rely on its global, multifunctional capabilities to process international investments. And they leverage its straight-through processing to integrate front- and back-office functions, help simplify workflow and speed settlement cycles.
With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com.
Trademark Information: SunGard, the SunGard logo, IMpower, intelliMATCH and SunGard Transaction Network (STN) are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders
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