Arqaam Capital implements SunGard's Ambit for reconciliations

Source: SunGard

Arqaam Capital, a leading investment banking firm in the Middle East, has selected SunGard's Ambit Reconciliation* solution to help improve efficiency and mitigate risk across its various divisions. The solution will help automate Arqaam's reconciliations process across asset classes.

One of Arqaam Capital's strategic objectives is to create a strong Middle Eastern investment bank that promotes the efficiency and depth of capital markets in the region. SunGard's Ambit Reconciliation solution will help provide matching coverage for cash and treasury including cash positions, FX, nostro accounts and internal accounts as well as for securities including positions, movements, confirmations and statements across all asset classes. This will help streamline operations and increase cost savings by identifying costly exceptions early on. The solution will also provide a dashboard for consolidated actionable views across all asset classes, business lines and geographies, which will help reduce operational risk and provide greater control and increased governance.

Dennis Wijsmuller, chief operating officer of Arqaam Capital, said, "With SunGard's Ambit Reconciliation solution, we have an automated solution for real-time matching and reconciliation. In addition to the impressive functionality and ease-of-use of the solution, SunGard's support infrastructure in the Middle East was a critical factor in our selection."

Wissam Khoury, managing director, SunGard Financial Systems, Middle East, said, "Financial institutions in the Middle East are experiencing exceptional growth in transaction volumes and diversity of instrument types, which is impacting their reconciliation process. With SunGard's Ambit Reconciliation solution, Arqaam is putting in place a proactive strategy to automate its reconciliation and exception management process. This will provide the bank with a secure platform for continued growth, while helping to increase its operational efficiency and reducing risk."

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