CheckFree automates custodian reconciliation

CheckFree automates custodian reconciliation

CheckFree Investment Services has launched DL-Recon, a standalone PC-based workflow solution that enables institutional money managers to streamline and automate reconciliation of position and transaction data with selected custodians.

Users can download account information from both CheckFree APL and respective custodial databases, match positions and transactions to reconcile with custodian records, review any uncovered variances, edit APL records, and post corrections back to APL automatically. CheckFree APL is used by institutional money managers to enter and maintain account data, manage trades and measure portfolio performance.

Amanda Raynor, Harbor Capital Management Company vice president of operations, says: "DL-Recon significantly shortens the time between month-end and when accounts get reconciled. With 8 bank links 'turned on' since the fourth quarter (2001), many of our accounts now get reconciled in the first week of the month, rather than six weeks out under manual posting." When completed, it is anticipated that all 14 interfaces will enable Harbor Capital Management's ten administrators to cover 90 percent of the firm's institutional accounts.

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