European Fund Administration (EFA), Europe's largest independent third-party fund administration service provider, is using the Accurate NXG solution to provide a single operational control framework for the straight-through processing of cash and securities transactions related to funds under management.
The deployment of the solution at EFA's Luxembourg headquarters will streamline the handling of transfer agent payments.
The first phase of the implementation went live in August 2004 with a second phase being rolled out in October 2004. Accurate NXG will replace manual procedures and in-house systems at EFA to provide an automated control process.
At each stage in the process EFA needs to check that funds have been received on the appropriate account, and then issue payment instructions to move those funds to the next account in the chain.
"With Accurate NXG, we will be able to ensure that the movement of funds is correct through each level of the payment cycle, tracking what is essentially a cascade of transfers, while validating the fund transfer instruction at every step of the process," says Françoise Dumont, CFO and CIO at EFA. "Accurate's consultants have worked closely with us to ensure that crucial steps in the funds transfer process are supported."
Accurate’s consultants also worked with the EFA team to ensure that the exacting risk control requirements of the funds administration sector were met, and customised Accurate NXG to enable 'four-eye' validation.