The Members Funds' department of the Lloyd's insurance market has deployed Accurate's reconciliation software to increase speed of processing and improve management reporting.
The corporation's Members Funds' department (MFD), handles the funds administration and securities custody on behalf of Lloyd's members and corporate investors. This department receives funds and liquid assets as deposited cheques as well as electronically. It also sends payments to members, their agents and syndicates as cheques and via Swift, Chaps and Bacs.
The department wanted to automate its reconciliation function with a solution that would improve the speed of reconciliation and accuracy of its management reporting. MFD have now implemented the system to reconcile statements to cashbooks for its three main accounts, sterling, US dollar and euro.
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