More Control.
More Transparency.
Less Risk.

Award winning reconciliation software

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iRecs is a multi-user client-server database application with an open and highly configurable structure. Essentially a dual accounting system, iRecs is designed to continuously isolate all differences between disparate asset management systems whilst maintaining full control of data integrity at every step of the process. The extremely flexible match engine can be user-configured to match any data and identify and annotate unmatched or mismatched records using one to one, many to many and iterative matching rules.

iRecs’ workflow system allows users to manage all identified breaks, annotating them manually or automatically, and forwarding them to teams or other users. The integrated reporting engine not only supports the users in their daily activity, but critically, provides concise risk information to operations management, and objective performance measures required to assess service levels of providers.

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Overview.

Benefits

  • Complete reconciliation anddata aggregation solution built specifically for the buy-side in a complex hedge fund environment
  • Total control of trades, positions, cash, balances and total equity
  • Identify not only reconciliation differences but the actual causes in a fully integrated accounting environment
  • Unique Total Equity reconciliation solves book cost differences that occur on derivative instruments
  • Ideal for growing firms; scalable from 2 users to enterprise wide
  • Meet and exceed due diligence and regulatory requirements

Functionality

  • Automated FTP, file handling and data aggregation
  • Automated data import and matching, leaving only genuine breaks assigned with reason codes for manual resolution
  • Daily validation and integrity checking identifies missing data
  • All asset classes covered
  • In-built accounting system - full derivatives, market value and total equity accounting
  • Multi-way reconciliation – Internal/ Prime Broker/Administrator
  • Full retention of reconciliation history and archiving for operational performance review
  • Graphical user-definable Dashboard and automated reporting functionality

Accounting Framework

Central to the design of iRecs is the accounting framework within which reconciliation data is held. Operating like a portfolio accounting system iRecs validates the internal integrity of all received data by comparing computed positions and balances based on transactions with the imported equivalents, thus ensuring the continuity and completeness of the received information.

Flagging errors

Discrepancies are highlighted to allow further investigation and repair. iRecs goes further with this accounting model. The mathematical relationship between the two sets of reconciliation data, one internal the other from the custodian or administrator, is also embedded into its logic. Any mismatching of transactions or incorrect amendment throws the reconciliation immediately out of balance signalling to the users the event and the cause. 

Match Rules

Match rules prepared using iRecs’ match engine are highly configurable handling one to one, one to many, many to many and iterative matching. A wide range of tolerances can also be set. Rules can match, unmatch and propose matches. Matching is fast and effective; match rates for cash and trades continually exceed 98% leaving only “real breaks” that require further investigation. 

Work Flow

iRecs provides fully integrated and flexible work ow functionality to annotate breaks automatically or manually and route to designated users or teams for remedial action. All users and teams have a Work Tray logically equivalent to the in box of Outlook containing break items assigned to them. 

Reporting

iRecs contains a powerful and fully featured reporting suite with the flexibility to quickly and easily add custom reports. Users can modify existing reports and save these for future use. Reports can be exported to all standard formats (Excel, pdf, Word etc.) or mailed directly through Outlook.. 

Operational Control

iRecs gathers data from many different sources over a long period of time and has a unique view of operational processes within the company. Whether it is investigating reasons for the re-booking of internal transactions or monitoring performance of external providers, iRecs can help.

TOTAL EQUITY RECONCILIATION FOR DERIVATIVES.

The Total Equity module for derivatives reconciliation is an integral part of the iRecs platform allowing precise matching of all margin traded instruments. Leveraging Watson Wheatley’s deep understanding of buy-side derivatives trading, its unique methodology was developed to solve the FIFO book cost accounting differences that occur between systems.

This unique solution is a “must-have” for firms who are trading or plan to trade even moderate volumes of listed or OTC derivatives and wish to tie out their cash to the penny.

Total equity reconciliation is a unique feature of iRecs and aims to account for the different allocations of profit between realised and unrealised which are caused when two systems process the same FIFO trades but in different orders; an inevitable consequence of processing data in disparate systems.

Read our whitepaper on Total Equity Reconciliation 

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RECONCILIATION TYPES & INTERFACES. 

We used to provide a huge list of the various interfaces we have built over many years of reconciliation. The list is now too long to publish and also implies building a new interface is a large undertaking. 

Fortunately with our Importer application adding new interfaces with our template system is extremely easy!

Importer In Detail

What our users say.

iRecs gives us a valuable add on to our existing systems, providing a very flexible reconciliation tool which we anticipate will allow us a high level of automation, and replace existing manual processes. The quality of the management reporting suite is also very impressive.

Genesis Investment Management

We chose iRecs as it’s an affordable reconciliation system built by operations guys with first hand experience of the issues faced and not a system built by tech guys with no operations experience.

New Peak Capital

The implementation of iRecs has made a meaningful contribution to our control environment, improving the productivity of reconciliations between internal systems, administrator and counterparties in a cost effective manner. The WWFS team were both pragmatic and helpful throughout the process.

London Hedge Fund

Having evaluated several reconciliation tools we were impressed by the close fit between iRecs’ functionality and our very specific reconciliation needs and were convinced this was the scalable and flexible reconciliation platform we needed to support a large and diverse business.

Ashmore Group

CASE STUDIES.

Hedge Fund - ETD & OTC Derivatives Reconciliation

  • $20bn Hedge fund
  • ETD & OTC Derivatives
  • Total equity reconciliation
  • Linedata Global Hedge
Read online
Download case study

Hedge Fund - Prime Broker and Market Value Reconciliation

  • $400m AUM Hedge Fund
  • Daily Trades, Positions, Total Equity
  • Paladyne PMS
  • Market Value, Administrator and DTCC/EMIR Reconciliation
Read online
Download case study