SuMi TRUST selects Fund Recs Transfer Agency Bank Rec Solution for IMR reconciliations & reporting
SuMi TRUST, one of the largest financial services groups in Japan, has selected Fund Recs' Transfer Agency bank reconciliation module for its fund services business in Ireland.
Fund Recs Transfer Agency Bank Rec module, part of the Velocity platform, ensures all transactions flowing through investor operating accounts relate to approved fund dealing. This ensures a robust process is in place and helps protect investor funds. This also provides oversight for IMR on a transaction by transaction basis.
Delivered as a fully hosted Software as a Service solution, Fund Recs provides live in app support to assist with onboarding and help meet daily deadlines.
Alan Meaney, CEO of Fund Recs, says: “We’re really excited to be working with another large financial services client like SuMi TRUST to help ensure regulatory requirements are met with ease. Transfer Agency Bank Recs is an area of increased focus in the Industry and we’re proud of the safeguards our software adds to the process while also increasing overall efficiency.”
Eric McCarthy, Head of Operational Planning at SuMi TRUST, says: “This implementation with Fund Recs is part of our ongoing investment in technology solutions to adapt to the increasingly complex regulatory environment. The solution was developed in conjunction with Fund Recs and the implementation process was smooth and efficient and has led to an improved reconciliation process, both in terms of effectiveness and efficiency. We’re very excited to be partnering with Fund Recs and look forward to exploring additional opportunities their suite of products has to offer.”