RMB Asset Management selects Accurate Software for cash and securities reconciliations
Accurate Software extends its South African client base
Accurate Software today announced that RMB Asset Management, a wholly owned subsidiary of South Africa's largest financial services group, FirstRand, has successfully implemented Accurate's Operational Risk Management solution, Accurate NXG, for cash and securities reconciliations.
Accurate NXG provides a single reconciliation solution for all cash and securities reconciliations as well as a central data source for management information reporting. Accurate NXG will enable RMB Asset Management to reduce operational risk and increase efficiency using a single control framework.
RMB Asset Management required a proven solution to centralise its cash and securities transaction processing onto one reconciliation platform. Accurate NXG has replaced an existing third party securities reconciliation system and will introduce further automated reconciliations for cash, which were formerly carried out in a largely manual and labour-intensive process.
The business intelligence Dashboard within Accurate NXG will provide RMB Asset Management with a state of the art, analytical, flexible, real-time reporting solution that delivers clearer insight into their business and its risks. By using Accurate NXG's Dashboard technology, RMB Asset Management can improve financial control and thereby satisfy both internal efficiency demands and external regulatory requirements.
Accurate NXG was deployed at RMB Asset Management during November 2004. Accurate NXG already supports a number of customers in South Africa including Old Mutual, an international financial services group.
Beverley van Niekerk, head of investment administration at RMB Asset Management, said: "Accurate NXG meets our specific requirements for a single source for all reconciliations and exceptions, and delivers a consolidated view of transactional risk. In addition, the real-time online access to management information via the business intelligence Dashboard will enable us to quantify risks both at a detailed and aggregate level through reporting, analysis and key performance metrics. Accurate NXG will help us reduce exposure to risk, increase control of our operations and improve overall exception management."
Philip Hall, chairman and co-chief executive officer of Accurate Software, commented, "When we first started speaking to RMB Asset Management at Sibos during October 2003, it was clear that they would benefit from Accurate NXG. Our solution provides a single source for all reconciliation and exceptions, and enables the organisation to disseminate these exceptions to the relevant departments for follow up, bringing a new level of efficiency to RMB Asset Management's reconciliations process. RMB Asset Management is an important win for Accurate as we expand in the region; it highlights that another leading South African financial institution has selected Accurate NXG."