Electra Wins Best Reconciliation Solution in the FTF News Technology Innovation Awards 2016
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New York – April 25, 2016 – Electra Information Systems (Electra), an innovative provider of proven solutions for the asset management industry, today announced it has been awarded “Best Reconciliation Solution” by FTF News for its 2016 Technology Innovation Awards.
Electra Reconciliation was named Best Reconciliation Solution in recognition of the work Electra has done to automate and simplify reconciliation processes that have historically been handled manually, reducing overhead costs and associated operational risks. This includes the introduction of an intuitive NAV/TPV (net asset value/total portfolio valuation) workspace, benefitting investment managers who struggle to reconcile a portfolio's NAV- a critical component of client billing and reporting.
Electra Reconciliation now allows firms to group together NAV reconciliation “buckets” such as security position values, transactions (reclaims, dividend and interest accruals), other receivables, liabilities, open trade equity, P&L and other forms of capital. This ability to flexibly define the grouping of NAV buckets provides asset managers with greater visibility into the makeup of a fund's total assets and the reasons for NAV discrepancies all the way down to price, unit or foreign exchange difference at a security level.
“Asset managers tell us they need effective, efficient reconciliation processing. We built Electra Reconciliation to meet this need, automating a process that historically has been handled manually or by outdated solutions that do not reduce overhead costs and associated operational risks,” said Ian Danic, Executive Director, Electra. “The Best Reconciliation Award is a testament to our ongoing commitment to solve the most complex problems vexing the asset management community.”
The FTF News Technology Innovation Awards recognize the professionals, vendors, service providers, industry bodies and regulators that have demonstrated exceptional achievement in financial services operations technology during the previous year. The awards will honor winners at the FTF News awards gala at The Lighthouse at Chelsea Piers in New York on Tuesday, May 17th.