SuMI TRUST, the asset servicing subsidiary of Sumitomo Mitsui Trust Bank, has opted to use Fund Recs’ transfer agency bank reconciliation solution for its fund services business in Ireland.
The Fund Recs Transfer Agency Bank Rec module, part of the its Velocity platform, ensures all transactions flowing through investor operating accounts relate to approved fund dealing. Delivered as a fully hosted software–as-a-service solution, Fund Recs provides live in app support to assist with onboarding and help meet daily deadlines.
“This implementation with Fund Recs is part of our ongoing investment in technology solutions to adapt to the increasingly complex regulatory environment. The solution was developed in conjunction with Fund Recs and the implementation process was smooth and efficient and has led to an improved reconciliation process, both in terms of effectiveness and efficiency,” said Eric McCarthy, head of operational planning at SuMi TRUST.
Velocity is a set of software modules to help fund administrators, investment managers and auditors to achieve straight-through reconciliations.
Fund Recs has onboarded a number of new fund administrator and corporate service provider clients to its Velocity platform, including Maples Group, Curo Fund Services, SANNE, and Grant Thornton Ireland.
“Transfer agency bank reconciliation is an area of increased focus in the industry and we’re proud of the safeguards our software adds to the process while also increasing overall efficiency,” added Alan Meaney, CEO of Fund Recs