MFS Investment Management
has selected CheckFree
's RECON Securities
automated reconciliation software. MFS will utilize the software to reconcile its position, detail and cash reconciliation processes. MFS will be replacing its current reconciliation software with this new one.
According to the firms, MFS's system was not fully automated prior to this move. CheckFree contends that MFS will now be able to save on operating costs now that it has implemented the new software. "MFS, like many other leading companies, has automated the reconciliation process to maintain better control over data, reduce risk, and provide superior service," stated Mark Zill
, senior vice president of CheckFree financial and compliance solutions.
Further, CheckFree trained systems users at MFS over a 30 day period.
"We were extremely pleased with CheckFree's responsiveness. Despite facing an aggressive deadline, the initial implementation phase was a success, in large part due to the expertise and support of CheckFree's staff," added Betsy Miller
, assistant vice president and project manager for reconciliation automation at MFS.
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