Patni Computer Systems (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI), a leading global IT and BPO services provider, today announced a new solution to complete the lifecycle management of financial data for diversified, global financial institutions.
The Overnight Global Reconciliation Factory (GRF), offered in conjunction with Patni's Operational Fund Accounting Services (OFA) and Financial Control and Reporting Program (FRP) as a suite of solutions, will alleviate the daunting back office reporting requirements that challenge asset management firms. The solutions, available as a package or individually, enable financial institutions to cut costs and manage fixed expenses, while maintaining a focus on continued growth.
Utilizing best-of-breed, hosted technology and backed by more than 25 years of financial services industry expertise, Patni's GRF covers a full spectrum of financial data management including positions, cash, income/expenses and profit and loss. A 24x7 global delivery model ensures that this management can be done anywhere a financial institution is located, providing overnight reconciliations with higher efficiency while eliminating the need for in-house development and the maintenance of countless custodial feeds. Moreover, the combination of cutting edge technology and a services-based model enables fund administrators to shrink capital expenditures for software licenses and associated hardware, while ensuring the availability of resources 'on-demand'. As a result, the cost of ownership of reconciliation processes can be reduced by up to 40 percent.
"Regulatory demands and market conditions have complicated the business of financial institutions to the point where the execution and management of daily business operations has become more challenging and expensive", said Fred Cohen, Global Head of Patni's Asset Management Practice. "We can help asset management firms reduce costs and focus on core areas by managing their back office functions. Our technology and industry expertise is extensive and our programs flexible, ensuring that a firm's back office operations are being completed accurately, efficiently and on-time. There's no reason to be burdened by expanding back office functions."
The company's OFA services, introduced earlier this year, offers fund administrators a trusted partner that provides data consistency, accurate financial reporting, customer data security and privacy. The OFA solution offers significant operational cost savings, productivity gains between 10-15 percent, a shift from a fixed cost to variable cost model, strict regulatory compliance, reduced risk, improved transparency and controls.
Patni's FRP program helps companies with all activities related to the compilation of financial statements monthly, quarterly, or annually, delivering all related documentation per required deadlines, ensuring compliance with legal provisions. This eases administrative burdens while simultaneously reducing operational costs up to 40 percent and realizing productivity gains up to 35 percent.