Empaxis has announced it has launched a new quality assurance overlay system designed for Advent's Axys and APX portfolio management applications.
Empaxis' quality assurance system was built to help buy-side firms running Axys and APX applications maintain and verify the accuracy of daily portfolio accounting and trade reconciliation reporting.
"With new trends constantly emerging within the industry, particularly to fixed income securities purchases, it is imperative to employ a quality assurance system that detects any missing prices immediately and effectively," said Stephen Van de Wetering, CEO of Empaxis. "This new system is designed to locate and address these issues that the typical quality assurance overlay system would overlook due to rapid advancements in financial technology and investment outsourcing."
Empaxis verifies and reconciles more than 10,000 data points each month across its client base, which accounts for approximately $30 billion in assets under administration management across more than 200 custodians. Normally that quantity of data validation and quality control would require a full time specialist and would be impractical for all but the largest operations. However, with the Empaxis system, all data validation is completed in less than 30 minutes.
