Watson Wheatley Financial Systems today announced that it will change the name of its reconciliation system from T-Recs to i-Recs to eliminate any market confusion over similarly named products.
The name change also reflects the extended reconciliation types now possible with the software beyond the original "transaction" reconciliation when the product was first launched.
Duncan Wheatley, Director at Watson Wheatley explains. "The previous name of our reconciliation product was nothing more than a holding name as we developed the product. Now that we are receiving international interest in our system we feel that the name needs to reflect the real flexibility of the system and avoids confusion with other products in the reconciliation space".
Watson Wheatley also announced that it now has over twenty data interfaces to well known prime brokers, custodians and clearers as well as import and upload functionality with popular portfolio accounting systems through i-Recs' companion product Importer.
i-Recs is an automated reconciliation system which matches positions, balances, trades, cash flows and uniquely, P&L between internal systems and external service providers and across all instrument classes. i-Recs is the only system available that completely solves margin accounts reconciliation for listed and OTC derivatives. i-Recs also handles full NAV and market value reconciliation accounting for all differences in positions, balances, prices and exchange rates between the internal accounting system and records provided by the custodian or administrator.