Ranking the Vendors of Reconciliation Systems

September 11, 2003

Abstract

Boston, MA, USA September 11, 2003

Changes in STP initiatives and the new Basel II Capital Accord are intensifying the need for automated reconciliation solutions.

In a new report, "Ranking the Vendors of Reconciliation Systems," Celent Communications provides an overview of the reconciliation process in addition to analyzing and ranking thirteen major vendors' solutions.

Celent's top picks (Table 1) were selected according to criteria that included: product coverage, data transformation capabilities, matching rules, workflow automation, archiving capabilities, and scalability, among others. Rankings were derived from extensive interviews with vendors, clients, prospects, and other market participants.

Reconciliation systems are changing. Traditional post-settlement trade and cash reconciliation processes are being replaced with systems that cover the complete transaction life cycle (order, execution, allocation, confirmation, matching, settlement, etc.). The new systems are capable of handling complex data transformation and generic reconciliation with unlimited matching capabilities. In addition, today's systems semi-automate exception management in an effort to achieve near real-time processing.

"With the spotlight on operational risk and business efficiency, securities firms are taking a hard look at their middle- and back-office processes, including reconciliation," says Celent senior analyst Pamela Brewster, co-author of the report. "Today's reconciliation platforms, with their advanced functionality, look to improve the reconciliation process by making information more accurate and automating operational flows across the transaction life cycle."

The following vendors were profiled in this report: Accurate, Aqua Global Solutions, CheckFree, City Networks, Electra, FMC, Monro Business Software, Optinfo Inc., Placid S.A., SmartStream Technologies, Sterci SA, SunGard, and Trintech.

A is available online.

Ranking

Vendor

1

CheckFree: RECON Plus Frontier

2 CheckFree:RECON Securities/ SunGard IntelliMATCH eP Accurate Software Limited: Accurate NXG
3

City Networks: Insight

Source: Celent Analysis

of Celent Communications' Institutional Securities & Investments and Retail Securities & Investments research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

Boston, MA, USA September 11, 2003

Ranking the Vendors  of Reconciliation Systems

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 5
VENDORS PROFILES 19
  Accurate 22
  Aqua Global Solutions 23
  CheckFree 25
  City Networks 27
  Electra 30
  FMC 32
  Monro Business Software 35
  Optinfo Inc. 36
  Placid S.A. 38
  Sterci SA 39
  SunGard 40
  Trintech 43
RANKING THE VENDORS 45
  Technology Comparisons 45
  Core Product Capability 47
  Pricing and Implementation 49
  Ranking the Systems 49
LOOKING AHEAD 56
FINAL THOUGHTS 58
APPENDIX: SWIFT FORMAT MESSAGES 60
OBJECTIVITY & METHODOLOGY 63

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