Accurate Software has been awarded a contract by the recently-listed Canaccord Capital Corporation, a securities dealer.
Canaccord will use the Accurate NXG application, in an effort to improve the automation of its reconciliation and exception management processes, for both cash and securities at its Toronto and Vancouver operations. Canaccord has also bought Accurate’s business intelligence Dashboard technology to improve the company’s management reporting.
“We required a robust transaction management solution that could automate and centralise the processing of our cash and securities reconciliations and reduce the associated exposure to risk,” says Peter Virvilis, executive vice president, at Canaccord Capital Corporation. “Using Accurate NXG as the foundation for a flexible and scalable enterprise-wide solution, we plan to standardise our reconciliation and exception management processes across all of our business areas, as our business volumes increase. We selected Accurate because they were able to demonstrate a clear understanding of our business requirements, and provide a proven technology solution on a platform that would scale to support our future growth and success.”
Phase one of the implementation will focus on improving automation of processes at the company’s operations in Vancouver and Toronto. Once business processes have been defined and improved in phase one, the second phase will focus on automating those processes further with Accurate NXG’s workflow component. Also planned for the future is the “externalizing” of the technology to make its benefits available to Canaccord Capital’s corporate customers.
“Increasingly investment dealers and other financial services institutions are discovering the benefits of an integrated, enterprise-wide solution for back-office automation, managing operational risk and regulatory compliance,” says Gary Gibbs, executive vice president for North America at Accurate Software. “This partnership between Accurate and Canaccord extends Accurate’s position as a leading technology provider for the Canadian financial services sector. Our team of professional consultants worked closely to establish a thorough understanding of the issues facing Canaccord Capital and worked in partnership with the operations team to ensure that the implementation could meet their exact requirements, now and in the future.”
The implementation, which began in August 2004, is expected to go live in early 2005. Accurate NXG replaces several legacy systems and manual processes.