Globally consistent controls improve efficiency and flexibility while reducing risk
Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has completed the first phase of a programme to automate two business-critical processes at BNP Paribas Securities Services. Milestone Group’s fund processing solution, pControl, is now delivering fully automated NAV production and validations for BNP Paribas Securities Services’ mutual funds operations and supporting tri-party reconciliations for its alternatives administration business. The first phase of the programme was successfully delivered on time and has set the foundation for further roll-out in 2012.
pControl’s NAV Control solution delivers efficiency and control to the NAV production process. It eliminates the use of spreadsheets and manual processes in the NAV validation process and frees up highly-skilled fund accountants to focus on value-add activities.
It comes with fully integrated data management, process flows and market-standard validations which are ‘out-of -the-box’, and operates across one or more underlying accounting platforms.
Designed to deliver robust quality assurance and significant efficiency gains resulting from its manufacturing process-led design, it provides a fully automated end-to-end process and exception management.
“We sought an operational platform that would allow us to apply globally consistent controls to our fund accounting processes, reduce time-consuming activity and in so doing, improve client service,” said Alexandre Pirlet, global head of fund administration, BNP Paribas Securities Services. “This is exactly what we get with pControl. The fact that it supports both NAV control and reconciliations enables us to realise further efficiencies of working within one system. And despite still being at an early stage of operation, the feedback on usability and delivery of anticipated benefits is positive.”
BNP Paribas Securities Services implemented pControl’s reconciliations module to accommodate large volumes and tight turnarounds, as well as the tri-party reconciliations common to alternatives. Featuring an easy-to-configure, rules-based design, the flexibility delivered by pControl’s Reconciliation solution was a key factor in its selection. With pControl enabling enhanced portfolio controls, BNP Paribas Securities Services has been able to increase efficiency and deliver reconciliation results to clients earlier in the day.
Paul Roberts, managing director for Milestone Group in Europe, added: “Where pControl comes into its own is its ability to automate multiple operational functions on one platform specifically designed to support funds processing. It’s often the case that companies come to us to solve a specific operational challenge and the relationship develops to the point where we become the broader strategic solution supporting multiple processes, fund types and locations, all via a single instance of pControl.”