Leading South African financial services company Coris Capital has built a Web-based solution using Microgen's Business Process Platform (BPP), Microgen Aptitude, in order to speed up its daily reconciliation process and reduce risk.
To meet reporting needs and service level agreements, it has to carry out daily reconciliations of assets and liabilities on each of its individual funds. This was previously done manually, but substantial growth meant that this method was not sustainable and it failed to provide Coris with the right level of financial transparency for its wide range of financial management services.
The new Microgen Aptitude Triangle Reconciliation Solution enables Coris to perform reconciliations of the assets and liabilities of each of its funds on a daily basis, quickening the vital reconciliation process, cutting the risk of errors and helping with reporting by providing a comprehensive view of the business.
The solution reconciles data between three systems - Coris' existing Microgen Interlink investment product design and management software, its member administration and fund accounting systems and then updates a reconciliation SQL Server database. By automating the three-way reconciliation process, it frees up Coris' staff to concentrate on handling exceptions, which is further helped by a new, Web-based interface. At the same time, a further reconciliation of trade settlements is performed, enabling the automatic creation and subsequent reconciliation of fund accounting journals along with reports for audit purposes.
“As a fast-growing financial services organisation, we need to both manage risk and ensure we meet client service levels on a daily basis,” said Nathan Eagles, CIO, Coris Capital. “By working with Microgen we have been able to automate our complex, central reconciliation process providing us with a faster, more comprehensive view of our business moving forward. We were impressed both by the flexibility of Microgen Aptitude and Microgen's deep industry knowledge that ensured that the project was completed on time and to our exact specifications.”
Microgen Aptitude offers a BPP approach that provides both workflow and transaction process management (TPM) in a single design and development environment that provides collaboration between business and IT users. As a truly integrated environment for BPM, business rules, integration, services-orientated architecture (SOA), business activity monitoring (BAM) and simulation/optimisation, Microgen Aptitude has been designed to address complex/high transaction volumes (XTP) with full transaction control. Its event driven architecture within an SOA context enables companies investing in the solution to develop true composite applications.
Coris selected Microgen Aptitude due to its powerful integration capabilities, Web-based deployment abilities and ability to link seamlessly to Coris' existing infrastructure. Bespoke development was carried out by Coris' in-house team and Microgen (South Africa).
“This project demonstrates the fundamental strengths of Microgen Aptitude in automating critical business processes,” said Tom Crawford, Managing Director of Microgen's Financial Systems Division. “This was a complex requirement, but by working with Coris, Microgen Aptitude was able to use its powerful integration capabilities to link to all three disparate systems, seamlessly fitting in with the overall Coris environment and providing a straightforward Web interface for users.
“Overall, it delivers increased productivity and helps Coris Capital expand its business moving forward.”
Share