Torstone Technology, providers of securities and derivatives processing software to the global financial markets, has introduced Inferno Reconciliation, a new, fully standalone software module, developed to meet the specific needs of investment banks and brokers to reconcile positions, cash and trades across multiple asset classes. Quick to implement, Inferno Reconciliation improves management control and visibility across equities, derivatives and fixed income business and simplifies compliance with current and future regulatory reporting requirements. In addition Torstone is marketing the module as an ideal starter pack for implementing the full Inferno enterprise system.
Inferno is the enterprise-level clearing, settlement and integrated accounting application which supports multi-asset operations and integrates all the applications and controls needed by operations, finance, middle office, risk and compliance.
Torstone Technology CEO Brian Collings explained: “By bringing accurate data together in one place, Inferno Reconciliation is a great stepping stone when preparing for process change such as a system replacement or indeed moving from individual point solutions for different asset classes to Inferno’s one stop solution. There are other reconcilers on the market, but these tend to be generic, whereas this module is tailored to reconciling positions, cash and trades. These are not single point-in-time reconciliations either, but include history and statistics providing trend analysis of problems, clearance progress and provide greater diagnostic power for faster resolution of breaks.”
Torstone is planning to introduce a range of standalone modules so that clients can benefit from Inferno technology targeted to a specific back office function and/or transition to the full Inferno system on an incremental basis. “Conditions in the industry mean that few capital market participants are planning major IT projects currently so we need to take a realistic incremental approach,” commented Mr Collings. “Inferno Reconciliation, which accepts SWIFT statements, can co-exist alongside older systems, enabling firms to quickly benefit from the increased productivity, improved efficiency and streamlined workflows that our flexible technology provides. Having all your critical information reconciled in one place also provides a central source of accurate data for reporting.”
Summary of Inferno Reconciliation key features
- Three specialised reconcilers – cash, position, trade
- Any number of data sources can feed a single reconciliation
- Automatic processing of incoming SWIFT cash/position statements and of statements
- Automatic matching of cash, positions and trades
- Assignment of breaks to individuals and ability to add comments to breaks
- Management control reports and completeness checking
- Dashboard showing numbers of breaks, break ages and user comments