Merrill Lynch Investment Managers deploys DSTi reconciliation module in Australia
DST International (DSTi), the leader in business solutions for the financial services industry, has announced that Merrill Lynch Investment Managers is the first organisation in Australia to implement DSTi's new, locally developed Reconciliation solution.
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The Reconciliation module will significantly reduce reconciliation processing time for fund managers by eliminating manual processes. DSTi launched the Reconciliation module for HiPortfolio/3 in 2005 following its development for the global market at DSTi's Global Development Centre in Melbourne. The new module forms a component of the HiPortfolio family, DSTi's strategic transaction processing and investment accounting solution.
The Reconciliation module performs security balances, reconciles general ledger and has myriad reporting uses including a natural archiving facility. It can be used to import and consolidate data from various sources and produce a wide range of ongoing reports in addition to General Ledger reconciliations.
Merrill Lynch Investment Managers is using the Reconciliation module to reconcile the HiPortfolio general ledger with the HiPortfolio/3 investment system it already has implemented.
"It makes sense to leverage existing organisational information within HiPortfolio using a single step process, rather than the multiple manual reconciliation activities," DSTi Chief Executive Officer Australia and New Zealand Ian Mathieson said. "While the time savings are a tremendous business benefit, cost savings are also compelling because the Reconciliation module eliminates so many back office operation costs that it delivers a swift return on investment."
DSTi applauds Merrill Lynch for leading the way. Ian Mathieson continues: "The Reconciliation Module can be used in any investment market globally. DSTi is pleased that this time and cost saving solution developed in Australia is now being implemented locally by a leading organisation like Merrill Lynch Investment Managers."