Dublin, Ireland (PRWEB) April 30, 2015
Fund Recs was founded in 2013 to fix broken reconciliations, solving for the first time a significant pain point for the Global Funds Industry. Velocity allows administrators to automate trade capture, cash and position reconciliations, improving efficiency and reducing the operational risk of manual error. Velocity provides a live overview of operational progress, identifies break risks as well as the automatic collection of key performance indicators.
Velocity is fully user configurable, reducing the need for support by clients internal IT teams. Non-technical users can manage data streams, flows and mappings through user screens, removing unnecessary bottlenecks that traditionally required IT intervention.
Contracts secured on the Velocity platform in recent months have included Mitsubishi UFJ Fund Services and Capita Asset Services. Fund Recs expects to announce new clients on the platform in the coming months as more and more companies continue to transition to the next wave of innovative vendors.
Outside of its initial core modules Fund Recs is working with its partners to increase the efficiency and transparency of the full fund valuation process. Additional modules are in development as Fund Recs takes a fresh look at the entire Fund Administration life cycle, using the latest technology to create the next generation of industry best practices.
Ireland is recognised as the world’s centre of excellence for Fund Administration. By the end of 2014 there was over €3.2 trillion of assets under administration in Ireland across 13,193 funds. 19 of the top 20 fund administrators have a presence there and the industry employs over 12,000 highly skilled staff. With offices in both Dublin and Waterford, Fund Recs is best placed to deliver the Velocity solution to global clients.
Commenting on their announcement today, Alan Meaney, CEO of Fund Recs, said “We’re really excited to show off the Velocity technology we’ve developed over the last 18 months. The Fund Administration industry’s problem of high costs and relatively low margins has been no secret. Velocity addresses this issue head on by transforming staff from data processors to data analysers. We wouldn’t have made it this far without the fantastic feedback and encouragement we’ve had from our early clients so I’d like to give them a special mention as we reach another important milestone on our journey to automate the valuation process”.