Gresham Technologies: At the Vanguard of the Reconciliation Revolution

Gresham Technologies: At the Vanguard of the Reconciliation Revolution

CIO VendorIan Manocha, CEO
In today’s hypercompetitive business environment, companies, regardless of their size and industry, need quality data to make smarter and faster decisions to service customers better and deliver operational excellence that outperforms the competition. In a similar fashion, financial institutions require ‘good and trusted data’ for making informed business decisions. However, achieving data integration at today’s digital streaming volumes that maintains the highest degree of data integrity is where the rubber meets the road. These disciplines should be tackled strategically with reconciliation and matching technology to verify against trusted sources in real-time at velocity, complexity, and voracity.

This is precisely where Gresham Technologies comes in.

With a combination of experienced minds, deep industry skills, and some of the brightest young talent in technology onboard, Gresham’s team has developed the Clareti platform in line with a new era of post-trade processing, to automatically match any number of datasets, virtually unattended. Powered by advanced machine learning, artificial intelligence, and intelligent matching capabilities, the platform massively reduces manual processing and is capable of reducing the headcount required in operations by 30 percent. Unlike the outdated batch processing methods that were the norm before the financial crash, Clareti intelligently processes data as and when it arrives in real-time, in any format, at any level of complexity, allowing for ‘n-way’ control of many sources and destinations.

With over 50 developers dedicated entirely to the mission of enhancing the Clareti platform and now with six years since initial production release, Gresham enjoys trendsetter status across the world.

Implementing the Clareti platform has been a spectacular experience for one of the globally renowned investment banks when Gresham guided them to ‘see with Clareti’. Contrary to the prior situation when the bank confronted severe constraints to onboard 30 new controls annually, it currently manages the onboarding process of 80 controls every month.

That’s not all. Clareti reportedly improved the connectivity between inter-company and intra-company transactions; the bank saved a staggering £3M per annum, while also gaining the ability to maintain regulatory compliance.

We made very small technology choices over the legacy practices, which is the secret to the legendary success of the Clareti program

“When we started designing the Clareti platform,” states Bill Blythe, Global Business Development Director, Gresham Technologies, “we completely reimagined the technology architecture from the ground up, learning from but divorcing ourselves from legacy practices. The flexibility of the advanced tech that makes up Clareti is absolutely the secret to this and other successful programs.”

Automated in its activities, Clareti can be implemented within mere weeks.

In reference to Gresham’s latest whitepaper series, The Reconciliation Revolution, Blythe reveals how most of the modern-day reconciliation tools available offer limited front-to-back controls. This limits their use to point-point matching, often constrained further to simple data structures. The flexibility of the Clareti platform, comprised of agile, scalable technology offers the ability to handle far more complex, enterprise, banking-grade solutions that control, and provide visibility for transactions throughout the organization. “In a nutshell, Clareti disrupts the conventional norm that reconciliation tools must be critical,” states Blythe. Matching rule suggestions, user interface creation, automated documentation, and the capability to eliminate ETL give Clareti a clear edge in the market.

According to Blythe, Gresham has created the most powerful set of algorithms to ensure accurate compression, processing, and matching of data. These algorithms will increase match rates, decreasing the number of exceptions and drive up efficiency.

Gresham is looking forward to expanding on its existing distributed ledger integration with a mission to enable organizations to take advantage of the right technologies and networks to support their businesses, pragmatically. Organizations need to adapt to the changes in the reconciliation space and the new ways to consume, process, govern, and ultimately deploy their transaction data. “Clareti will further leverage the capabilities of DLT as it becomes more widespread. This is in line with our focus on mitigating the challenges related to regulations, trust and risk confronted by our customers,” says Blythe.

Gresham is bullish about popularizing robotic process automation (RPA) technology; the company is already partnering with companies to process ATM transactions based on RPA. Gresham has recently demonstrated advanced capabilities like predictive analytics, AI, and voice integration. “We are passionate about innovation here at Gresham and our Innovation Labs in Bristol (UK) and Luxembourg are driven to make our customers very successful,” concludes Blythe.