Northern Trust launches next iteration of Omnium reconciliation workflow tool

The workflow tool supports asset managers’ need to manage a high volume of reconciliations in real time.

By Wesley Bray

Northern Trust has launched the next iteration of its Rec Dashboard, the workflow tool which provides a real-time view of breaks and reconciliations in trade activity between asset managers and other institutions.

Originally launched in December 2018, Rec Dashboard provides users with the ability to create custom defined data views, monitor reconciliation completion and integrate break resolution into their own processes.

The custodian and fund administrator said the enhanced tool “optimises the client experience, eases collaboration and enables scalability to meet rising demand for real-time transparency into the reconciliations process.”

Rec Dashboard is hosted within Omnium, a Northern Trust middle- and back-office technology platform for fund administration. The workflow tool provides Omnium users with data visualisation capabilities and more direct views into reconciliations, which optimises communication and collaboration between the manager and fund administration teams as breaks are reconciled.

The next iteration of Rec Dashboard is available globally to asset managers who utilise the Omnium platform.

“We are always seeking ways to better collaborate with clients, and Rec Dashboard allows us to work closely with them as our teams manage an essential daily process,” said Jeff Boyd, chief executive officer of Northern Trust Hedge Fund Services.

“Clients benefit from deeper insight into our processes, a more intuitive user experience, and heightened productivity for their own operations.”

Earlier this month, Northern Trust launched a new web-based workflow tool within Omnium, designed to provide asset managers and asset owners with a consolidated view of corporate action and dividend events affecting fund portfolios.

The custodian has sought to place technology solutions at the heart of its administration business and to provide enhanced middle-office services through its flagship hedge fund technology platform Omnium in recent years.