Targeted at fund administrators, prime brokers, global asset managers and custodians, Netik InterMatch Release 2.0 provides a unique Generic Matching Engine (GME) for both matching and reconciliation scenarios in the securities industry. The GME is truly a rules-based engine and does not depend on program code with parameters as is provided by the existing legacy vendor solutions. The existing vendors are only able to solve reconciliation issues in âsilosâ, i.e., one instance of their product per reconciliation/matching scenario. They do not have enough flexibility to provide generic matching and reconciliation for multiple scenarios feeding exceptions into a common high performance browser application for resolution processing.
Netik InterMatch Release 2.0 is a component of Netikâs flagship product Netik InterView v7.0, and is used in the data portal suite for data management. The data portal provides data validation, matching and reconciliation, and cleansing tools to distribute enriched reference data and other information throughout the enterprise. The complete Netik InterView Investment Hub solution uniquely deploys both the Data Portal and the Information Portal to âsafelyâ assemble data from multiple sources, store comprehensive portfolio and investment data on the data warehouse, and transform this into information for distribution throughout the enterprise as well as externally for client reporting.
Netik InterMatch Release 2.0 is a component within Netik InterView v7.0 Investment Hub whose technology is modular and has been engineered to enable fast implementation of high performance and massively scalable solutions; one of these rapidly deployable modules is Netik InterMatch Release 2.0. The Netik InterMatch solution can be easily integrated with existing legacy accounting systems and matched with external data sources as prescribed by the reconciliation scenario. Clients can achieve quick tactical âwinsâ through immediately improving matching and reconciliation conditions and exception resolution within a rules-based transaction management framework. Such is the flexibility of the product that matching scenarios include multi-sourced reference data cleansing with the ability to construct a âgolden copyâ for onward distribution throughout the enterprise.
Keith Hale, Managing Director, Netik Plc, states: "This is a reaction to the market need for more complex rules for matching and resolution driven from the Hedge Fund Industry. Our customers have turned to Netik because the traditional reconciliation vendors, who can only offer limited capability from their legacy applications, cannot satisfy these new requirements." Hale continues, "Netik InterMatch was originally developed over two-and-a-half years ago to handle the changes in the securities world relating to central trade matching â a key requirement of the T+1 programme. Today flexibility is King, and InterMatch is the new paradigm for truly flexible matching and reconciliation."
Colin Close, CIO, adds, "A few years ago such a functionally rich and scalable reconciliation solution would have sold for over $200,000. However, Operations Managers today would find it difficult to show an attractive ROI with pricing at such a level. Therefore Netik has decided to price the product at a 10th of the original (historical) value because Netik InterMatch is positioned as an entry level component for our flagship Netik InterView v7.0 solution. We believe that clients will want to buy into the compelling vision of implementing the complete Netik InterView Investment Hub solution because it can differentiate their business and improve business margin, but that they will want to start off by deploying the Netik InterMatch module so as to collect early âlow hanging fruitâ benefits."
Close continues, "In this way, Netik sees the matching and reconciliation function as a component of the larger data management discipline that is handled within Netik InterView's Data Portal. As important as it is to get it right, it is also important to see matching and reconciliation in itsâ proper context as part of this larger data management picture and in this respect the function is commoditised."
Netik is currently in discussion with a number of niche software and consulting companies that wish to leverage Netik InterMatch to provide âsiloâ solutions in a best-of-breed manner. In addition, such vendors wish to provide a number of the more common matching and reconciliation âscenariosâ (or rule books) in an off-the-shelf library. Nevertheless, it is intended that each implementation can be significantly tailored as appropriate to the customerâs operational requirements. Close says, "At the currently proposed price level, which is targeted at being lower than the equivalent maintenance fees charged by the legacy vendors, we expect the take-up to be high because the ROI will be compelling."
Alastair Upton, Technical Director, says "We have evaluated the vendors in this segment and believe Netik InterMatch to be the leading product because we use Netikâs finite state technology platform to deliver the GME. This is key to the flexibility, massive scalability and performance of the Netik InterMatch product. Although many companies will use words like âBusiness Rulesâ, they actually mean that they have a âProgramâ that is specifically tailored to a scenario and have some parameters that can change the behaviour of their product. This is not an honest definition and is most definitely not the case with Netik InterMatch. Netik InterMatchâs GME can have, say, 10 complex conditions on one site implementation and on another maybe 100 or, indeed, 1000 as appropriate. All these conditions can be overlaid with as few or as much Boolean logic and as many dependencies as appropriate â this is our definition of âflexibilityâ."