Patni Computer Systems (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI), a leading global IT and BPO services provider, today announced an extended suite of services being offered by its Global Asset Management Practice in response to a radically changing financial services landscape. Patni's solutions and services will aid financial services organizations and asset management institutions with containing costs, improving efficiencies and reducing risks during mergers and acquisitions, divestitures and conversions of internal IT systems that directly impact the overall technology infrastructure.
"The financial services industry landscape has been altered irrevocably, and the changes and challenges facing this industry are likely to continue through 2010," said Fred Cohen, Practice Head of Patni's Global Asset Management Practice. "Patni has developed a series of solutions that align processes, people and technology to support clients' bottom line, and help them quickly and rapidly overcome any obstacles they may face in the current business climate."
Patni's Asset Management Practice, led by Cohen out of Patni's North American headquarters in Cambridge, will be introducing nine industry solutions that empower financial services organizations by stabilizing and growing key technology areas including reporting systems, accounting systems, security systems, compliance systems, among others. The first solution offered by Patni's Asset Management group is the Patni Financial Control & Reporting Program (FRP), a service specifically designed to support the needs of buy-side firms with all activities related to the compilation of the financial statements on a monthly, quarterly, semi-annual or annual basis.
Facing increasingly rapid changes in regulations, increasingly complex instruments and demanding deadlines from clients and regulators, Financial Control and Reporting of statements is becoming a more difficult and error-prone process for fund administrators. Patni's FRP service enables fund administrators to stay current with these rapid changes. The company uses a proven Transition Risk Mitigation Framework coupled with its quality management system. This unique methodology transforms the Financial Control and Reporting services model by maximizing cost takeouts, limiting customer impact by utilizing proven transition methodologies and protecting the operations against regulatory and compliance infractions.
"The market turmoil that has besieged our financial services ecosystem requires rapid response to these changes so institutions can adjust and survive," said Larry Tabb, Founder and CEO of the TABB Group, a financial markets research and strategic advisory firm focused on capital markets. "Asset managers will need to rethink their entire IT strategy from development, to solutions, sourcing, and deployment as the strategies that made sense over the past two decades may not make sense going forward."
Other Patni offerings soon to be available include a service designed to assist asset management institutions save resources through consolidation or migration to different IT platforms, including accounting systems and data warehouses. Patni will also announce a service that supports financial services firms with all aspects of IT integration, including the support and assistance of mergers and acquisitions. Additional services and solutions, slated throughout the remainder of 2009, are designed to support financial services firms with reducing costs, lowering risks and maintaining a successful competitive edge in a rapidly changing marketplace.