Torstone Technology has announced that its latest new client, GFI Group - a global OTC and listed markets intermediary - has signed a multi-year contract for the use of Torstone's Inferno back office technology for Reconciliations.
GFI has chosen Torstone's back office software to improve business agility, management control (given the current regulatory environment) and reduce the total cost of ownership. Torstone's experienced team and hosted solution speeds up the on-boarding of new clients and GFI was able to see its own data in Inferno for Reconciliations within a matter of weeks.
The Torstone Reconciliation module is a component of the award winning Inferno back-office system which is a modern, scalable system, capable of handling significant volumes yet on commodity hardware. Its real-time, event-driven, service-orientated architecture helps firms to achieve very high rates of STP and react to new market changes in a timely manner.
"Working with an agile technology firm such as Torstone means that we'll be using the latest technology. In addition, their hosting service and upgrade process mean that they will keep us on the latest version so that we don't need to go through painful and costly upgrades," comments Prash Naik, GFI Managing Director Finance & Operations EMEA.
Unlike other reconcilers on the market, which tend to be generic, Inferno Reconciliation is tailored to reconciling positions, cash and trades. These are not single point-in-time reconciliations either, but include history and statistics providing trend analysis of problems, clearance progress and provide greater diagnostic power for faster resolution of breaks.
"Switching your back office technology isn't as daunting as you'd first think" explains Brian Collings, Torstone's CEO. "Our modular, flexible technology means that we can quickly and easily take-on a new client's transaction processing at the level and timescale that suits them."