HiFX goes live with GroupIT - a new reconciliation solution

Last year HiFX advised on and executed over £20 billion in foreign exchange transactions for 2,500 corporate and 30,000 private clients. As a result of its growth it found its incumbent reconciliation tool was unable to keep up with demand.

Jim Warner, group head of operations at HiFX, said: "Reconciliation of accounts and security of funds is fundamental to our operations. We were in the process of overhauling our straight-through processing systems and we needed a reconciliation solution to integrate with them.  Aurum was keen to listen to our objectives, as opposed to just giving us an out-of-the-box solution. It was refreshing to talk to a smaller company that understood the challenge we were facing and was prepared to listen to our needs."

With higher rates of automatic matching and no limit to the number of matching rules that can be applied to data sources, exceptions can be dealt with swiftly. "We are already seeing less time spent on manually matching accounts and our staff have been able to spend time on other projects", says Warner.

Steve O'Hehir, sales director for Aurum Solutions, commented: "In these challenging times, the fact that Aurum has a growing client base across many business sectors, not just within financial services, is testament to the flexibility and cost effectiveness of GroupIT - as HiFX has shown."