Wachovia Securities has selected Optinfo’s Enterprise Exception Management application to provide reconciliation and exception management for securities operations.
Optinfo says Wachovia Securities, which with $602 billion in client assets is the third largest full service retail brokerage firm in the United States, wanted to gain operational efficiencies and maintain high levels of customer service, while handling the rapid growth in accounts and transactions due to the integration of Prudential Securities.
The Richmond, Virginia-based firm first addressed mutual funds exception management, and is now moving to use Optinfo’s solutions across a wide range of other areas, including Fixed Income, Equities and International Trading.
“Optinfo’s solutions will allow us to automate many exception management processes that are experiencing significant increases in volumes due to our recent merger. This will allow us to easily track performance metrics and handle exceptions quickly, reducing risk and increasing customer satisfaction,” says Bill Davis, Director of Wachovia Securities’ Mutual Fund Operations. “Optinfo was selected primarily because of their understanding of the issues we faced, their ability to implement solutions quickly, and the flexibility of their offering” continues Davis.
Steve Manz, CEO of Optinfo, adds: “We are proud to add Wachovia Securities to the growing list of international financial institutions using our solutions to gain competitive advantage. As they continue to add accounts, our exception management solutions will allow them to execute on their stated corporate mission of ‘being the best, most trusted and admired company in the financial services industry.”
Wachovia Securities was a key advisor to Optinfo and an early adopter in the creation of the Case Manager, the newest Web-deployed component of Optinfo’s Enterprise EMS. “With the pending integration of the Prudential Securities business it was imperative that we find a next generation solution that would enable the integration of their portfolio to Wachovia Securities. The Enterprise EMS is high performing and will allow us to process larger volumes of information, faster, with a smaller staff, and with relatively inexpensive hardware,” says Davis.