Genesis Investment Management opts for Reconciliation as a Service with Watson Wheatley

Source: Watson Wheatley

Genesis Investment Management has been announced as the first implementation of reconciliation specialist Watson Wheatley’s ‘Reconciliation as a Service’.

This new offering from Watson Wheatley leverages the powerful audit controls and automation of the iRecs reconciliation system but is fully managed on behalf of the client.

Reconciliation as a Service offers allows significant reduction in manual intervention with a 99%+ automatic match rate and daily delivery of reconciliation results to management staff at Genesis. Heavily automated matching, annotation and upload processes are in place along with regular feeds from external parties and the ability to automatically update Genesis’ Simcorp Dimension system based on strict rules derived from the matching process.

The process is further supported by intra-day uploads and downloads, full NAV reconciliation and an extensive MI output including regular KPI measurement.

Jens Moller-Butcher, COO, Genesis Investment Management:
“Having successfully worked with Watson Wheatley as a reconciliation platform provider in the past, the Watson Wheatley reconciliation service has enabled Genesis Investment Management to improve its operational efficiencies by streamlining the process; Genesis are now able to limit their focus on exception based activity.”

“Their service supports a rapid response to change requirements at low risk, which allows for improvements to be made as the reconciliation requirements evolve. Genesis chose Watson Wheatley specifically for these reasons, the team are extremely knowledgeable of their product and through their undoubted experience the company efficiently serves our requirements. Support contacts are readily available to resolve queries, discuss initiatives and attend performance reviews.”

Tom Wheatley, COO, Watson Wheatley:
“We are really excited to announce Genesis as a user of our new Reconciliation as a Service offering. Our expert team are putting the iRecs tool to good use by achieving the highest levels of automation to solve the complexities encountered in daily reconciliations. Using the system on behalf of a client also helps us develop the system further by supplementing our in-house team’s feedback with that of the day to day uses of iRecs at other clients”.

“While we see our on premise and hosted solutions as the most popular deployments of iRecs we feel there is also a gap in the market for using our team to run highly automated reconciliations on behalf of clients”.

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