INDATA, a leading industry provider of SaaS (Software as a Service) for buy-side firms including trade order management (OMS), compliance, portfolio accounting and front-to-back office today announced the release of INDATA iPM Recon, the companyâs next generation reconciliation application.
iPM Recon, the latest addition to the iPM technology platform, completely automates the daily reconciliation activities of investment management firms. Key features added include the ability to automate cost basis recon down to the lot level, as well as closed out trades in compliance with the new cost basis regulations. INDATA also proactively adds new file formats for cost basis as they become available from custodians and brokers as part of the core product.
In addition to a highly efficient user interface and collaboration tools that significantly streamline the reconciliation process, iPM Recon provides powerful data management functionality that validates the accuracy of incoming data from custodians and alerts end users with any data integrity issues. The system also provides comprehensive audit reports that are created automatically and can be referenced quickly.
Renaissance Investment Management, a $4 Billion institutional manager based in the greater Cincinnati area, has been successfully utilizing iPM Recon since rolling out the iPM platform last month. âHaving had an efficient reconciliation process in place to begin with, we found that iPM Recon provides an even greater level of sophistication for our end users, which makes our daily recon activities that much more efficient. This, combined with the systems integrated reporting features, provides an added level of detail for our auditors,â commented Sudhir Warrier, Partner and COO, Renaissance Investment Management.
âThe current regulatory and compliance environment has put the back office in the spotlight and recon is a key back office function for investment management firms. The enhancements made for this release put iPM Recon squarely on par with best-of-class, stand-alone recon applications,â commented David J. Csiki, Managing Director, INDATA.
âWhen combined with our integrated portfolio management products, iPM Recon provides firms with a comprehensive solution for demonstrating greater transparency, as well as giving them the ability to rapidly scale their assets, by being able to automate reconciliation for large volumes of accounts,â he added.