RecCollect
The Electra Information Systems RecCollect (Custodian Reconciliation Data Collection
Service) eliminates the hassle of collecting statements of holdings and transactions
from custodian banks. The service, which is made available to investment managers on
a subscription basis, replaces the delivery of hard copy and faxed statements from
custodians. It can also replace the use of multiple custodian workstations or
browser-based solutions. Instead, investment managers receive consolidated electronic
transmissions of data collected on the manager’s behalf by a single supplier, Electra
Information Systems.
Using the securities and cash holdings and transactions data reported by custodians,
and delivered automatically by Electra Information Systems, an investment manager can
automate the reconciliation of data between the custodian books and records and those of
the manager.
Together, Electra Information Systems’ RecCollect and STaARS provide one seamless
solution for automating the investment manager to custodian reconciliation process.
Through RecCollect an investment manager can obtain cash and securities asset and
transaction information on a daily, weekly, semi-monthly, monthly or “on demand” basis,
fully supporting the STaARS reconciliation process. Different accounts can be collected
with different frequency and holdings and transactions extracts can be set up separately.
Custodian data, collected by Electra, is made available to the investment manager through a secure ftp connection to Electra.
A RecCollect connection utility is provided by Electra to automate the transport of data
from the Electra service to the investment manager, making this a “hands-off” activity.
The RecCollect connection utility also populates the appropriate STaARS directories with
custodian data so that the STaARS application has immediate access to RecCollect data
without manual intervention.
Reconciliation auditors can then focus on the reconciliation itself without the distraction of related manual tasks.
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