Finastra Taps Xceptor for Reconciliation06.26.2019
Finastra announced today that it has partnered with Xceptor, an intelligent automation software company, to offer new reconciliation functionality to its securities market customers. Thanks to an out-of-the-box reconciliation functionality, Finastra’s Fusion Markets customers will now be able to automatically reconcile and validate transactions and positions data, including harder-to-handle formats, in a single solution resulting in reduced manual workloads, exceptions and breaks, and improved accuracy and speed.
Xceptor is an automation platform that extracts and transforms any type of data from any source. Xceptor will enable reconciliation to handle the use case of integrating and reconciling transaction and positions data, including Swift MT 53x, with Finastra’s Securities Inventory solutions.
Andrew Kouloumbrides, CEO at Xceptor said, “Xceptor excels at handling messy data. Checking and reconciling internal positions against multiple external third parties from trade repositories to clients typifies that challenge. It is a high volume, high-value activity that needs attention and this new reconciliation functionality will enable Finastra customers to overhaul, optimize and automate their positions reconciliation process. We are continuing to explore new opportunities with Finastra and are looking forward to extending our relationship further in the near future.”
Michael Henssler, General Manager, Treasury, Capital Markets and Risk, at Finastra said, “The securities services industry is fragmented, and traders are operating in a more complex and regulated market. Our customers need better transparency to transform traditionally complex data and processes into simple usable business insights. Xceptor is a specialist in its field and we’re delighted to offer their in-depth knowledge and capabilities to our securities customers.”
Firms that optimise their operations can better focus on their core competencies.
Firms should ensure a robust operational risk approach in tandem with resilience, ITRS Group says.
COVID-19 has boosted demand for fundamental change in treasury operations, Hazeltree's Sameer Shalaby writes.
The alliance with Coremont will cover front, middle and back office operations.
The new offering supports reconciliation, matching and exception management applications.