Patni Computer Systems has launched 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, is expected to alleviate the daunting back office reporting requirements that challenge asset management firms. The solutions, available as a package or individually, enable financial institutions to cut costs and manage fixed expenses, while maintaining a focus on continued growth.
Patni’s GRF covers a full spectrum of financial data management including positions, cash, income/expenses and profit and loss. A global delivery model ensures that this management can be done anywhere a financial institution is located, providing overnight reconciliations while eliminating the need for in-house development and the maintenance of countless custodial feeds. Moreover, it enables fund administrators to shrink capital expenditures for software licenses and associated hardware, while ensuring the availability of resources ‘on-demand’.
Patni said that the OFA services provide data consistency, financial reporting, customer data security and privacy. The company claimed that the OFA solution offers significant operational cost savings, productivity gains between 10-15%, a shift from a fixed cost to variable cost model, strict regulatory compliance, reduced risk, improved transparency and controls.
