Accurate Software says RMB Asset Management – a wholly owned subsidiary of South Africa’s largest financial services group, FirstRand – has bought its operational risk management application, Accurate NXG, for cash and securities reconciliations.
Accurate NXG aims to provide a single reconciliation solution for all cash and securities reconciliations as well as a central data source for management information reporting. Accurate says NXG will enable RMB Asset Management to reduce operational risk and increase efficiency using a single control framework.
RMB Asset Management was looking for an application to centralise its cash and securities transaction processing onto one reconciliation platform. Accurate NXG has replaced an existing third party securities reconciliation system and will introduce further automated reconciliations for cash, which were formerly carried out in a largely annual and labour-intensive process.
Accurate NXG was deployed at RMB Asset Management during November 2004. accurate NXG already supports a number of customers in South Africa including Old Mutual
“Accurate NXG meets our specific requirements for a single source for all reconciliations and exceptions, and delivers a consolidated view of transactional risk,” says Beverley van Niekerk, head of investment administration at RMB Asset Management. “In addition, the real-time online access to management information via the business intelligence Dashboard will enable us to quantify risks both at a detailed and aggregate level through reporting, analysis and key performance metrics. Accurate NXG will help us reduce exposure to risk, increase control of our operations and improve overall exception management.”
Philip Hall, chairman and co-chief executive officer of Accurate Software, says the company met RMB Asset Management at Sibos in Singapore in October 2003. “It was clear that they would benefit from Accurate NXG,” he says. “Our solution provides a single source for all reconciliation and exceptions, and enables the organisation to disseminate these exceptions to the relevant departments for follow up, bringing a new level of efficiency to RMB Asset Management’s reconciliations process. RMB Asset Management is an important win for Accurate as we expand in the region; it highlights that another leading South African financial institution has selected Accurate NXG.”