Top 10 Reconciliation Platform Solution Companies - 2019
Arcesium Data-Driven Reconciliation: A Modern Approach to Financial Management

Top 10 Reconciliation Platform Solution Companies - 2019

The changing regulations coupled with evolving technologies are making reconciliation platforms as one of the most critical elements of the financial industry. On the flip side, while most financial institutions use advanced accounting systems to automate general ledger and accounting processes, reconciliation and certification processes are still completed using a spreadsheet. However, as data volumes grow and regulations become more stringent, organizations must make their reconciliation process swift, accurate, and effective. By automating the reconciliation process of corporate accounts, financial institutions can boost the speed of one of the most time-consuming tasks in any finance and accounting department.

In this present era of the digital transformation of financial activities, automating daily workflows can save time as it cuts down on the multiple rounds of paperwork previously required to verify and certify financial information manually. Teamed with Machine Learning (ML) and Natural Language Processing (NLP), automated reconciliation platforms are significantly reducing the error almost by half. This has further promoted better visibility of the vast amount of data and rapid resolutions in terms of exceptional issues, preventing manual interventions in the process. Additionally, today the cloud-based reconciliation processes enable accountants to access data more efficiently and provide an up-to-date overview of the current status and overall close process.

With blockchain-powered reconciliation platforms, organizations are now more capable of streamlining their reconciliation processes. Auditors are now capable of sharing datasets because of the integration of blockchain with reconciliation platforms, allowing them to complete tasks in real-time. Other features of the advanced reconciliation platforms used today include comprehensive trend analysis that optimizes the match rate and lowers the number of expectations. Most organizations also set materiality thresholds and tolerances to avoid wasting time in reconciling low dollar values. The need for manual intervention is further lowered as exceptions on the platform are immediately visible across the enterprise. All these developments are aimed at a single objective—shortening the financial closings, without compromising on the quality. Automated reconciliation platforms have also significantly lowered the risk of financial misstatement with their transactional-level matching feature.

Understanding the changing times, Capital Markets CIO Outlook has compiled a list of 10 Reconciliation Platform Solution and Service Providers to guide banks and other financial institutions in harnessing the power of technology to tackle today’s reconciliation challenges, reduce workload, and increase efficiencies. And as new technologies are developed at a rapid pace, we are glad to feature the Reconciliation Platform Solution and Service Providers that are at the forefront of revolutionizing the capital markets in the financial sector through their groundbreaking reconciliation solutions and services. We hope this issue of the Capital Markets CIO Outlook helps you build the partnership needed to foster a technologically-driven financial environment.

We present to you, Capital Markets CIO Outlooks’ “Top 10 Reconciliation Platform Solution Providers - 2019.”

Top Reconciliation Platform Solution Companies

Arcesium is a technology and software-enabled services company. The business delivers front, middle, and back-office solutions to some of the most sophisticated institutional asset managers, hedge funds, asset allocators, and banks. SaaS, financial technology, portfolio accounting, portfolio management, treasury, data warehousing, middle-office services, back-office services, reconciliation, and swaps management are some of the enterprise’s key offerings. Through a combination of advanced automation, innovative data management tools, and anomaly-resolution workflows, Arcesium’s clients can achieve a single source of truth, scalable to millions of data points, for use throughout their entire organization

arcesium.com

Bankable is a global architect of innovative digital banking solutions providing a secure and scalable middleware platform. The company’s modular infrastructure enables financial institutions, corporates, and FinTechs to develop and deploy bespoke or turnkey banking solutions. Bankable’s platform is available in white-label or via APIs. It offers real-time payments as well as cross-border payments and virtual account services, e-ledgers, virtual & plastic card programs, e-wallet. The business is connected globally to multiple sponsor banks, processors, card manufacturers, and other suppliers in the payments ecosystem and also provides program management services enabling the business to deliver an end-to-end solution for corporate and consumer payment programs

bnkbl.com

Backing over 40 years of experience, CAD IT is a dynamic Italian technology company with a leading position in financial services software. Area Finanza, the business’s flagship product, is viewed as the gold standard with a 90% share of the Italian securities processing market. With continuing product development, Area Finanza has now been implemented successfully internationally at leading financial institutions in Europe. Area Finanza offers total automation of all processes relating to derivatives and securities in the following macro-areas: position keeping, custody, and administration, corporate actions, order management, trading rooms, securities master database, settlement, asset management, reconciliations, repos, know your customer, financial advice and reporting. The enterprise’s customers include banks, insurances, funds, brokers, outsourced service providers, national authorities, and enterprises

www.caditgroup.com

ClearStructure Financial Technology is an independent software company that has over 15 years’ experience working with financial institutions of all types. Sentry uses the latest web technology to deliver a powerful, highly customizable front-to-back office solution to some of the largest financial institutions and most well-respected financial institutions across the globe, helping to streamline operations and lower total cost of ownership. Founded in 2004, ClearStructure Financial Technology is a privately held firm based in Danbury, CT. The firm offers portfolio management systems, syndicated loan trading, hedge fund software, and direct lending

clearstructure.com

Electra Information Systems is an innovative provider of solutions and services for post-trade processing, including reconciliation, data collection, and transformation, trade matching and settlement and client fee billing for the financial services industry. Since their inception in 1998, Electra continues to be guided by a single, client-driven principle efficient processing is critical to success. They partner with their clients to deliver award-winning post-trade processing solutions, training, and support – all of which enables the clients to increase efficiency significantly, manage costs, and reduce risk. Electra Reconciliation, Electra Data, Electra Settlements, Electra Billing, Electra FailSafe are some of the solutions provide by the company

electrainfo.com

AutoRek

AutoRek

As a leading provider of financial controls and regulatory reporting software solutions, AutoRek is implemented in many of the renowned organizations. The business’s range of deployments varies from high volume data migrations, elimination of manual processes and spreadsheets, regulatory reporting, reduction in fast close processes, to the mitigation of operational and regulatory risk. AutoRek’s suite of solutions includes Compliance and regulatory reporting solutions, including CASS and MiFID II transaction reporting, financial control frameworks, balance sheet certification/account attestation, high-volume data migration, and automated cash allocation. Additionally, the enterprise’s solutions are purpose-built to improve the quality and efficiency of financial data management, from cost reduction and process efficiency projects to improving adherence to regulatory reporting requirements

BlackLine

BlackLine

Established in 2001, BlackLine is a provider of cloud-based solutions that transform Finance and Accounting (F&A) by automating, centralizing and streamlining close financial operations, intercompany accounting processes and other key F&A processes for large and midsize organizations. Designed to complement virtually all ERP and other financial systems, including SAP, Oracle, and NetSuite, BlackLine increases operational efficiency, real-time visibility, control, and compliance to ensure end-to-end financial close management and accounting automation from within a single, unified cloud platform. Enhanced finance controls and automation, account reconciliations, financial close, BlackLine finance controls, and automation platform, SaaS/cloud, journal entry, transaction matching, variance analysis, task management, consolidation integrity manager, and corporate accounting solutions are some of the business’s specialties

DUCO

DUCO

Headquartered in London, England Duco enables financial services firms to control complex data using light-touch, self-service technology. Duco traces its heritage to Computer Science research in natural language processing and highly parallel algorithms and retains secure connections to University College London. Established in 2010, Duco is a privately held company. Banks, brokers, asset managers, fund admin & custody, service providers, and exchange are some of the customers of the company. Solutions provided by the company are reconciliation, system migration integrity, and regulatory reporting verification is some of the solutions provided by the company

ReconArt

ReconArt

Established in 2008, ReconArt is a single-solution technology company providing a modern, enterprise-class, fully web-based reconciliation platform to a diverse, global client base of all industries and sizes. ReconArt is headquartered in the United States just outside of Washington DC and also has offices in Europe. Immediately after its first version released in 2011, ReconArt was adopted by several large banks and companies, establishing it as a leading solution in the reconciliation space. The company offers Bank Reconciliation, Transaction Reconciliation, Account Certification, Exception Management, General Ledger Attestation, Transaction Matching, Case Management, Credit card reconciliation, Balance Sheet Reconciliation, and close, Positions, Holdings & Trades Reconciliation, and AP/AR reconciliations

SmartStream

SmartStream

SmartStream delivers greater efficiency, automation, and control to critical post-trade operations, including Reference Data Operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions Processing, Fees and Invoice Management, Collateral Management, Cash & Liquidity Management, and Compliance Solutions. SmartStream provides Transaction Lifecycle Management (TLM®) solutions and Managed Services to transform the middle and back-office operations of financial institutions dramatically. Over 1,500 clients, including more than 70 of the world’s top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream’s solutions