Prior to implementing RECON Securities, SEI Investments used several traditional tools to reconcile and report on DDA accounts with thousands of transactions a day within their investment processing reconciliation operations. Currently, SEI Investments is balancing up to 75,000 transactions per day and plans to expand its existing operations in Europe. These volumes and the expected growth necessitated a more efficient approach to the reconciliation process in order to complete processing in a timely manner. Now, with RECON Securities, SEI has improved their investment processing reconciliation operations to get ready for near and long-term growth â allowing existing staff to focus on core business functions.
"CheckFreeâs implementation process has prepared our organization for rapid anticipated growth," stated David Baumgart, vice-president of operations for SEI Investments. "CheckFree RECON Securities incorporates best-of-breed technology that enables our organization to gain significant operational efficiencies by automating cash and securities reconciliation. As a result, we have experienced a rapid return on investment."
"Back office operations must be able to adjust rapidly with shifts in strategic priorities. Organizations require increased standards for automation and processing as well as operational risk control," stated Mark Zill, senior vice president and general manager, CheckFree Financial and Compliance Solutions. "RECON Securities provides a cost-efficient solution that allows SEI Investments to meet the changing business objectives demanded by increased growth and expansion."
For more information:
Judy DeRango Wicks
678 375 1595