GL Trade, global provider of front- to back office and multi-asset software solutions for international financial institutions, has successfully rolled out its business component of automated reconciliation processes at Banque Cantonale Vaudoise.
Banque Cantonale Vaudoise is the second largest cantonal bank in Switzerland and the fifth largest Swiss Universal Bank. Banque Cantonale Vaudoise has chosen GL TRADE to automate daily reconciliation processes and to reduce the operational risks of its derivative business.
The business component has been deployed to automatically reconcile different sources such as:
- Listed derivatives trades and open positions between exchanges & brokers and their book-keeping system,
- Accounting entries between their accounting system and their book-keeping system.
GL TRADE's business component allows financial institutions to automate reconciliation processes between different sources, either external or internal. It provides advanced end-user features allowing them to design their own reconciliation processes.
Alain Girod, Back Office's Manager for Market Operations at Banque Cantonale Vaudoise, commented: "BCV has selected GL TRADE solution to automate daily reconciliation procedures. These automatic processes save daily man hours and reduce errors source of potential issues for the bank."
Vincent Burzynski, Director of Marketing and Products at GL TRADE, added: "We saw a growing demand for systems that provide solutions to specific business requirements. This positive answer from the market validates our business module approach. Our business component suite is designed to provide added value solutions and to be fully integrated with clients' legacy systems."
GL TRADE is a major industry reference for the entire range of derivative products as demonstrated by its revenue, markets coverage, R&D resources and number of clients worldwide. From the front- to back office, GL TRADE is the only service provider able to offer a comprehensive range of systems dedicated to listed derivative products.