Patni Introduces Hosted Reconciliation Soln For Global Financial Institutions

Patni Computer Systems, an IT and BPO services provider, has announced a new solution to complete the lifecycle management of financial data for diversified, global financial institutions. The Overnight Global Reconciliation Factory (GRF), offered in conjunction with Patni’s Operational Fund Accounting Services (OFA) and Financial Control and Reporting Program (FRP) as a suite of solutions, will alleviate the back office reporting requirements that challenge asset management firms. The solutions are available either as a package or individually.

The GRF covers a full spectrum of financial data management including positions, cash, income/ expenses and profit and loss. A 24x7 global delivery model ensures that this management can be done anywhere a financial institution is located, providing overnight reconciliations with higher efficiency while eliminating the need for in-house development and the maintenance of countless custodial feeds.

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“Regulatory demands and market conditions have complicated the business of financial institutions to the point where the execution and management of daily business operations has become more challenging and expensive,” said Fred Cohen, global head of Patni’s Asset Management Practice. “We can help asset management firms reduce costs and focus on core areas by managing their back office functions. There’s no reason to be burdened by expanding back office functions.”