Accurate Software’s Operational Risk Management solution has been selected by European Fund Administration SA (EFA), a Luxembourg-based third-party fund administration service provider, to provide a single operational control framework for the straight-through processing of cash and securities transactions related to funds under management.
The deployment of Accurate NXG at EFA’s Luxembourg headquarters will streamline the handling of transfer agent payments.
The first phase of the Accurate NXG implementation, which brings together Accurate’s core competencies of reconciliation, exception management, workflow and business intelligence went live in August 2004 with a second phase being rolled out in October 2004. Accurate NXG will replace manual procedures and in-house systems at EFA to provide an automated control process.
At each stage in the process EFA needs to check that funds have been received on the appropriate account, and then issue payment instructions to move those funds to the next account in the chain.
“With Accurate NXG, we will be able to ensure that the movement of funds is correct through each level of the payment cycle, tracking what is essentially a cascade of transfers, while validating the fund transfer instruction at every step of the process,” says Franoise Dumont, CFO and CIO at European Fund Administration SA.
“Accurate’s consultants have worked closely with us to ensure that crucial steps in the funds transfer process are supported.”
Accurtae says EFA was looking for an experienced partner that could deliver the benefits of straight-through processing by automating what was previously a very time consuming process, within the constraints of the complex fund administration business. Accurate worked with the EFA team to ensure that the exacting risk control requirements of the funds administration sector were met, customising Accurate NXG to enable ‘four-eye’ validation. Accurate NXG’s ease-of-use and depth of functionality and flexibility were key to the successful implementation at EFA.
“Organisations such as EFA stand to make great efficiency gains as a result of the tighter control gained over its large volumes of transactional data,” says Dirk Van de Velde, executive vice president for Continental Europe at Accurate Software. “At the same time our automated workflow solution provides an over-arching control process that links a series of checks and controls at EFA, helping minimise operational risk within its fund administration business.”