Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that international fund administrator, Maitland, has selected Accurate Reconciliation to improve efficiency and increase the transparency and accuracy of its financial processing.
Accurate Reconciliation from Fiserv will allow Maitland to further develop its Centre of Excellence for financial control by improving the processing of cash, position and portfolio reconciliations across all of its investment strategies. The enterprise solution will replace a number of bespoke third party and in-house tools to make system administration simpler through easier end-user configuration.
Maitland, a global provider of fund administration and multi-jurisdictional legal, tax, fiduciary and investment advisory services, identified Accurate Reconciliation as the best-in-breed solution to serve its reconciliation needs. The strong after-sales support network provided by Fiserv was a key factor in the selection process. Additionally, the on-going commitment to the South African market and client base was evident in the growing attendance at the Fiserv "Risk and Compliance User Day" hosted in Johannesburg in November 2012, which provided Maitland employees with an opportunity to network with other clients from the region.
"Maitland's investment in top-class technologies demonstrates our commitment to excellence in administration, oversight and governance," said Veit Schuhen, Chief Operating Officer, Maitland. "This Fiserv solution will help us provide a more scalable service that can deal with the increasing volume and complexity that we are encountering as our clients' investment universe and geographies expand. Also, the more effective auto-matching and issue resolution capabilities will help reduce operational risk for Maitland, our clients and their clients - the investors."
"The integrity and speed of financial information is critical to an institution like Maitland," said Eric Werab, portfolio director, Financial Control Solutions, Risk and Compliance, Fiserv. "With Accurate Reconciliation from Fiserv, Maitland will be able to provide a streamlined solution that will allow for industry-leading delivery times of reconciliations as well as enhanced reporting. These capabilities align with Maitland's commitment to build on its world class fund administration platform, ensuring the maximum return on investment for its clients."
Accurate Reconciliation is part of the Risk and Compliance core competency from Fiserv through which the company offers a unique breadth of solutions to help clients optimize usage and return on capital by making risk transparent and actionable within their organizations. Solution sets in the Risk and Compliance core competency include Financial Crime Risk Management, Financial Risk Management, Financial Performance Management and Financial Control Solutions.