Gresham Computing, a transaction control vendor, has updated its Clareti Transaction Control (CTC) software. Version 1.3 includes is designed to improve the rapid on-boarding of both existing and new reconciliations, says Gresham, and improve real-time management reporting and exception handling.
According to Graham, CTC 1.3 will allow customers to control existing reconciliations and launch new financial products to market more quickly with all the required risk controls in place. This helps to reduce loss events, comply with regulatory requirements and optimise business performance.
The upgraded CTC product provides a real-time operational risk platform for all transaction types, claims the vendor, covering:
• Complex transaction types such as over the counter (OTC) instruments.
• Intersystem reconciliations where there is often a lack of standards.
• SWIFT and other highly standardised ‘flow’ transactions. These can range from simple, high-volume two-way reconciliations (front office-back-office-general ledger) to complex ‘n-way’ security master reconciliations.
“We have already been running successful pilots of CTC 1.3 with a number of corporations that are very interested in the rapid on-boarding functionality it offers,” said Neil Vernon, development director at Gresham Computing. “Most of the organisations we have spoken to have significant reconciliation issues and backlogs to reduce – they need to put the necessary controls in place quickly and confidently. CTC’s rapid on-boarding wizard examines the data and generates suggested matching rules allowing reconciliations to be created in minutes, which is extremely attractive to them.”
The key new functionality that Gresham is claiming for the new CTC 1.3 product includes:
• A rapid on-boarding wizard – match rule suggestions allow a user to provide sample data files and automatically generate live reconciliations in minutes.
• Exception management – user configurable control of how exceptions are managed with in-built approval processes, workflow and access control.
• Dashboards – providing views over the entire inventory of active reconciliations, so that users can quickly see if these are working correctly and if any remedial action is needed.
• Real-time reporting of risk and key performance indicators.
• Intelligent searching and data extraction – ability to search narrative data to find important information that’s been embedded to support the matching process.