The Accurate NXG Dashboard will increase transaction transparency by enabling Skandia International to submit a summary of the reconciliation for signoff by a senior manager while maintaining a clear audit trail of each step in the reconciliation process. The dashboard will also deliver improved operational and administrative controls to support the segregation of duties as recommended by regulations in the United Kingdom and Europe.
Skandia International is a leading provider of offshore savings products and offers a range of innovative and market-leading investment solutions for investors around the world. It is part of the Skandia UK Group, which is one of the United Kingdom's top 10 financial services providers, and has been a customer of CheckFree for nine years.
Skandia UK already uses CheckFree's Accurate NXG automated reconciliation solution to manage its exposure to risk, cut processing time and manage costs across the enterprise. The Accurate NXG Dashboard will be housed in the Isle of Man and will be implemented via thin-client, browser-based technology across some of Skandia's offshore operations. Using the dashboard technology, Skandia International staff in the Isle of Man and in Dublin, Ireland, will have direct access to exceptions information to improve the investigation and resolution of transaction errors, ultimately reducing the incidence of errors in the future while speeding processing time.
"We consider CheckFree to be a trusted, long-term partner with considerable domain expertise that is enabling us to improve visibility both at a detailed and aggregate level," said John Hollis, finance director at Royal Skandia. "The Accurate NXG Dashboard will give our senior management instant visibility on critical areas of potential loss, while also giving us a more sophisticated reporting capability that will effectively deal with the increasing requirements of the regulators. The solution supports the reconciliation of all transactions and the querying of any outstanding items to enable us to report month-end figures rapidly to meet internal and external audit requirements."
"With today's demanding and highly regulated environment, reducing costs and minimising exposure to risk continue to be top priorities for financial institutions such as Skandia," said Elizabeth Elkins, vice president of global sales strategy at CheckFree Software. "The Accurate NXG Dashboard will allow Skandia International to access critical information easily and in real-time throughout the enterprise, while also helping the firm meet important compliance requirements."
CheckFree's Applied Operational IntelligenceSM approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational intelligence. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction process management, corporate actions processing, payments processing, risk management and compliance. The Applied Operational Intelligence approach is expressly designed to manage risk and efficiency, while leveraging operational intelligence to achieve measurable return on investment.
Accurate NXG is deployed across a worldwide customer base, including some of the largest domestic and international banks, custodians, brokers and investment firms.