Fiserv (NASDAQ:FISV), the leading global provider of financial services technology solutions, today announced that American Stock Transfer & Trust Company, LLC (AST) has implemented the Frontier enterprise reconciliation solution from Fiserv to manage its reconciliation and exception management process in North America.
Frontier will assist AST with efficient risk management and compliance controls relating to regulatory requirements, further reducing exposure to risk, which is critical to AST's international operations and customer base.
The selection by AST follows a recently announced strategic consulting partnership between Fiserv and Investance focused on delivering industry leading solutions and subject matter expertise for financial crime risk management and reconciliation to the financial services community.
"We continue to invest in solutions that give us greater control and transparency to help us mitigate risk exposure for our customers' investments," said Robert M. Carney, Chief Operating Officer of AST. "Accurate statement of positions is essential in our industry and the robust reporting functionality within Frontier was a key factor in our decision to choose Fiserv, along with their impressive pedigree. Frontier also supports our objective to consolidate reconciliation onto a single platform, enabling us to realize greater operational efficiencies."
The Frontier solution enables AST to move from a multi-system reconciliation process to a fully automated function that provides a single source of data for the companies' cash and stock positions, together with a full audit trail and comprehensive reporting. There are also plans to roll the solution out to manage corporate actions positions in the future. The solution is currently live in the United States with Canadian operations slated to go live by the end of September.
"The speed at which financial markets operate continues to increase, placing significant pressure on market participants to evaluate and report positions and financial activity more quickly and efficiently," said John Filby, president, Risk & Compliance, Fiserv. "We're pleased to help AST address key reporting requirements with a scalable, practical solution that plays a central role in their risk management program while also ensuring that total cost of ownership for the reconciliation function is lowered."
Frontier is part of the Financial Control Solutions suite which is focused on the delivery of software products that enhance operational efficiency, improve risk management at the transaction level and mitigate compliance risk. The solution suite delivers market-leading capabilities across transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting and performance management
A core competency of the company, Fiserv offers a unique breadth of Risk and Compliance solutions to help clients optimize usage and return on capital by making risk transparent and actionable within their organization. Solution areas include Financial Crime Risk Management, Financial Risk Management, Financial Performance Management and Financial Control Solutions. Fiserv is ranked #1 in North America and #4 overall in the annual Chartis RiskTech 100TM.