The London Stock Exchange announced today that Evolution Securities has selected the Exchange's UnaVista platform to perform its cash and stock reconciliations.
Evolution Securities, a rapidly growing investment bank specialising in UK and European equity and debt markets, will use UnaVista to automate its manual reconciliations process. The bank chose UnaVista after a thorough selection process because of its superior functionality, scalability and cost-effectiveness.
Toby Raincock, COO of Evolution Securities commented: "We wanted to find an automated solution for our reconciliations that would continue to work effectively as our business grows. UnaVista is a flexible, hosted solution which will allow us to increase our volumes without needing to increase our headcount. UnaVista will also enable us to reduce our operational risk by allowing quick and easy access to exceptions in the business process."
Mark Husler, Head of Information Services Business Development at London Stock Exchange Group, added: "UnaVista is hosted at the London Stock Exchange, so there's no need for customers to install expensive hardware or pay costly ongoing maintenance fees. Evolution will benefit from the flexibility UnaVista brings, and they will be able to add additional reconciliations onto the platform as they grow."
Evolution Securities is the latest firm to sign up to UnaVista's Reconciliations solution recently after a large tier 1 broker began using the service to manage 15,000 cash statement and 5,000 stock reconciliations on a daily basis.