Source: Watson Wheatley
Watson Wheatley, specialists in securities reconciliation software, today announced an agreement with OSMO Partners, respected providers of outsourced front, middle and back office services.
The iRecs system will be deployed by OSMO Partners to bring a best practice reconciliation approach and a highly automated process to their growing client base.
iRecs will be used to provide daily trades, positions, cash and balance reconciliation along with NAV, balance sheet and EMIR/DTCC reconciliations. Daily, monthly and ad-hoc reporting from iRecs will also be used to streamline operational processes and keep a tight audit trail on any breaks or issues raised.
Richard Harris, COO, OSMO Partners:
“OSMO spent significant time reviewing the various market offerings within the automated reconciliations space. Following a full due diligence process and a number of recommendations we selected Watson Wheatley to provide us a proof of concept to ensure the system could support our diverse range of clients and strategies. We were impressed by iRecs’ ability to automate complex reconciliations in a robust and controlled manner. The Watson Wheatley team have ensured the on boarding has been efficient and streamlined. iRecs is already delivering us numerous benefits and is allowing us to continue to scale the business to support our client’s needs”
Tom Wheatley, COO, Watson Wheatley:
“OSMO Partners are well respected in the asset management outsourcing space and we are looking forward to rolling out iRecs with them. We believe the best practice approach, highly automated reconciliation model and rapid deployment made iRecs an attractive proposition.”
“We conducted a proof of concept during the sales process which allowed OSMO to be comfortable with our offering and for Watson Wheatley to understand as much as possible about its intended use across a variety of instrument classes. We believe these small projects are extremely useful in advance of signing contracts to make sure there are no surprises later on.”