Georgia-based CheckFree Corporation has launched Recon Confirmations, a client/server solution that enables organisations to automatically match foreign exchange confirmation advice messages.
The new product is an extension of the company's core reconciliation platform CheckFree Recon-Plus for Windows. The automated matching engine now serves foreign currency exchanges, forward rate agreements and fixed loan/deposit contracts by international banks.
The messages often take the form of Swift MT300, MT320, MT340, and MT341 and Bart messages. Confirmations that are delivered via mail, fax or phone can be assigned reference numbers allowing the system to automatically match these as well. This feature eliminates the manual matching of confirmations and comparisons to dramatically reduce costly human errors, says CheckFree.
Mark Zill, senior vice president and general manager of CheckFree's financial and compliance solutions business unit, states: "Used together with our core reconciliation systems, clients can monitor the full life cycle of these transactions from a single, end-to-end platform rather than deploying disparate tools at different points in the critical life cycle of financial transactions."