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ByAllAccounts and Indata forge reconciliation alliance

03 July 2009  |  1337 views  |  0 Source: ByAllAccounts

ByAllAccounts, the leading provider of reconciliation-ready data for RIA's and Independent Wealth Managers, today announced they have enhanced their strategic partnership with INDATA to deliver a data aggregation and reconciliation solution to INDATA clients. The collaboration between ByAllAccounts and INDATA means that data for all accounts can be automatically, efficiently, and accurately obtained and reconciled every day.

Prior to the integration, INDATA client, Renaissance Investment Management downloaded data to text files, imported it into a database and then ran reconciliation reports. Because the process was done one custodian at a time and not all custodians provided then a way to download data as a text file, the process was time consuming, cumbersome and generally inefficient.

ByAllAccounts, with INDATA now provides Renaissance a solution generating one file that has all of the various custodians' data as well as one that is consistent, normalized, and translated specifically for INDATA clients. Using the reconciliation functionality within the INDATA IMS platform, they now have the ability to choose the accounts they want to reconcile regardless of the custodian. It has helped them perform daily reconciliations for all the accounts that are set up in ByAllAccounts and has reduced the time it takes to reconcile. Through working with INDATA, they have also customized their comparison reports, making reconciliation a simple process.

"Because we can now see what is happening in our client's accounts every day, instead of only once a month, we not only have gained operational efficiencies, but we are better positioned to more effectively manage our client accounts", stated Sudhir Warrier, Partner & COO Renaissance Investment Management.

"The combination of INDATA and ByAllAccounts provides an automated platform for reconciliation that is not only efficient, but also cost effective in comparison with other industry solutions." said David J. Csiki, Managing Director, INDATA.

"We are thrilled having INDATA as a strategic partner. ByAllAccounts compliments the robust nature of the INDATA system to provide their clients the tools to be successful." said James Carney, Chief Executive Officer, ByAllAccounts.

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