CACEIS in Ireland Selects Fund Recs to Increase Automation of Position Reconciliations, Cash Flow Monitoring

Fund Recs announced that CACEIS Bank, Ireland Branch (CACEIS), has selected Fund Recs in order “to introduce further automation to the performance of Position Reconciliations and Daily Cash Flow Monitoring.”

The rollout of Fund Recs’ Cash Flow Monitoring Module “within CACEIS has further automated the daily oversight of cash transactions in the bank accounts of its UCITS and AIF clients.”

This creates “further efficiencies within a key activity for Depositaries.”

Fund Recs’ Position Reconciliations Module “helps global fund administrators, investment managers, depositaries and auditors to achieve ‘straight through’ reconciliations.”

CACEIS has “implemented the Position Reconciliations Module to further support automation throughout the reconciliation process, ultimately increasing efficiency and optimising client deliverables.”

Alan Meaney, CEO of Fund Recs, said:

“We’re excited to be working with a leading Asset Servicing provider like CACEIS to assist with ensuring that further automation of manual oversight tasks is met with ease. CACEIS teams using the software can now focus on what they do best: delivering a great service to current and prospective clients. This is another great vote of confidence in our award-winning software as we remain focused on delivering efficiencies and improved client experience through automation within the financial services industry.”

Isabelle Porte, Managing Director CACEIS Bank, Ireland Branch said:

“The implementation of the Fund Recs Cash Flow Monitoring and Position Reconciliation Modules will ultimately increase efficiency by eliminating manual processes, reducing the risk of errors, and raising the automation rate throughout our reconciliation process. We are excited to explore additional opportunities their software has to offer as we continue to grow and expand our service offering.”

As noted in the update, CACEIS is “the asset servicing and banking group of Crédit Agricole and Santander dedicated to asset managers, insurance companies, pension funds, banks, private equity and real estate funds, brokers and corporate clients.”

At the end of 2021, CACEIS reportedly “had $5.2 trillion in assets under custody. CACEIS is a worldwide leader in Asset Servicing, the no. 1 administrator and the second largest depositary bank of European funds.”

With a strong presence “in Europe, as well as North America, Latin America and Asia, CACEIS employs 4,665 staff members in 15 countries.”

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