Mercer, an American asset management firm, has gone live with Fund Recs’ Velocity platform in order to support the European Markets Infrastructure Regulation (EMIR) regulatory requirements.
Utilising Velocity in its Dublin office, Mercer says the new platform has increased efficiency, reduced risk, and helped meet the regulatory requirements.
Velocity can be used to automate the reconciliation between investment managers accounting records and their trade repositories for EMIR.
The platform is a set of software modules that helps investment managers, global fund administrators and auditors to achieve straight through reconciliations.
Delivered as a fully hosted software-as-a-service (SaaS) solution, Fund Recs provides live in app support to assist with onboarding and help meet daily deadlines.
It is important for firms to complete timely and accurate trade and position reconciliations so that all requirements by the Central Bank and the European Securities and Markets Authority (ESMA) are met for EMIR purposes.
“Effectively overseeing EMIR trade reporting continues to be a key focus for many firms. Regulatory data is growing exponentially and we’re investing heavily to ensure operational teams have the right tools to rise to the challenge,” says Fund Recs CEO, Alan Meaney.
Des Pierce, a partner in Mercer’s Investment Solutions business, notes: “When seeking to enhance our EMIR oversight process, we were looking for a solution that could absorb and reconcile key EMIR data from various sources and for a system that would have the versatility and potential to cope with reconciliations for additional regulations and functions.”
“Fund Recs met these requirements and we were very impressed with their approach to solving the problem which allows us to maintain the highest oversight standards,” concludes Pierce.
