Reconciliations software spend to rise - TowerGroup

Reconciliations software spend to rise - TowerGroup

Bank spending on reconciliation and exception management systems will increase from $238 million in 2006 to over $310 million in 2009, a compound annual growth rate of 11%, according to research from TowerGroup.

The Massachusetts-based research firms says regulatory restrictions requiring investment management firms to build an audit trail for all technology applications is driving the increased spend.

The extension of the technology beyond traditional applications in cash and securities is also helping to push the software out of the back office, says TowerGroup, as financial firms increasingly look to reconcile internal subsystems, match orders and confirmations, and compare securities identifiers, among other functions.

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