Penson Financial Services, the third party provider of execution, clearing, custody and settlement services, has bought applications from Accurate Software to enhance its operational risk management framework and to automate reconciliation and exception management processes for its European correspondent clearing clients. Integration of Accurate’s Operational Risk Management solution, Accurate NXG, with The Penson Bureau, will go live during the first quarter of 2005.
“By enhancing our existing risk management framework with Accurate’s flexible and scalable reconciliation and exception management solution, we will be able to offer our correspondent clients improved management reporting across the enterprise,” says Chris Gregory, joint managing director at Penson Financial Services. “The integration of Accurate NXG into our execution, clearing, custody and settlement solution will help our European customer base resolve exceptions more cost-effectively and minimise operational risk.”
Penson will use Accurate NXG to quickly and effectively monitor correspondents’ transaction flows and evaluate exceptions and potential errors. Accurate’s business intelligence Dashboard technology will deliver real-time management reporting and risk analysis to the appropriate business managers, giving them online access to operational and regulatory reports of transactions enterprise-wide. Accurate NXG integrates into Penson’s existing technical infrastructure.
“At Accurate we take an enterprise-wide approach to transaction processing, creating an operational control framework that enables our clients to minimise risk while maximising efficiency,” says Philip Hall, chairman and co-chief executive officer at Accurate Software. “We have enjoyed working with Penson as they share our commitment to continuously enhancing customer service, leveraging new technologies as they become available. The in-built scalability of Accurate NXG means that it will serve Penson well as its customer base continues to grow.”
Daniel P. Son, president at Penson Worldwide, Inc., says customer service and maximum operational control remain top of Penson’s agenda. “Our selection of Accurate NXG reinforces Penson’s commitment to delivering optimum enterprise-wide securities processing solutions to our global customer base,” he says.