Matheson Investment International is to use Bankrec Corporate from Accurate Software to automate Swift-based stock reconciliation messages. The system is expected to reduce reconciliation time on major accounts by as much as two days.
Matheson Investment International is the Jersey-based subsidiary of Jardine Matheson. Sue Allen, operations manager at Matheson Investment International says: "Our stock reconciliation was a time consuming, manual process. We looked for a solution that would automate the reconciliation process and free up valuable resources."
A key criteria was the ability to easily customise the reconciliation process for different custodian accounts, she adds.
Matheson has recently implemented a new financial system from Consort Securities Systems. "It was vital that Bankrec was not only compatible with this new system but was also fully integrated with Swift transactions," says Allen.
Testing is currently taking place on custodian accounts at Matheson using data from Swift, Euroclear and Brown Brothers Harriman.