Penson adds Accurate NXG to hosted bureau service

Penson adds Accurate NXG to hosted bureau service

Penson Financial Services, a provider of clearing and settlement services, is adding technology from Accurate Software to its hosted bureau system in order to automate reconciliation and exception management processes for its European clients.

Penson will add Accurate's operational risk management technology NXG to its hosted execution, clearing, custody and settlement service in Q1.

Accurate says Penson will use the technology to monitor correspondents' transaction flows and evaluate exceptions and potential errors.

The product's 'dashboard' functionality will deliver real-time management reporting and risk analysis to the appropriate business managers, giving them online access to operational and regulatory reports of transactions.

Chris Gregory, joint MD, Penson Financial Services, says the Accurate package will provide correspondent clients with improved management reporting across the enterprise and help European customers resolve exceptions more cost-effectively.

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