Quai Administration Services Ltd. (Quai) an innovative and ambitious financial services outsourcing company, providing an integrated, simplified administration platform to its clients, has signed a contract with ReconArt for its ReconArt™ reconciliation and matching solution.
Quai is anticipating a significant and sustained increase in the volume of client transactions as a result of a corresponding growth of its business. They required a system which could import data in XML and bank SWIFT formats with the ability to specify matching rules and a reporting function for audit. Additionally, the system will increase Quai’s efficiency and controls over the reconciliation of client stock positions. ReconArt successfully won the contract in the face of competition from other leading reconciliation package providers.
The ReconArt software will be implemented in Quai’s data centres to ensure that the company can retain full control of its client data on its own servers.
ReconArt will help Quai to establish the highest degree of automation, best practice, control and consolidation of all their reconciliation processes within a single Total Reconciliation Lifecycle™ solution to contain cost and improve productivity.
Tony Webb, CEO of Quai said,
“We were looking for a reconciliation solution that would enable us to manage our increase demand for cash reconciliations. The drivers for us were ongoing compliance with FCA client money rules and to acquire a solution that allowed us to offset the need for additional headcount in anticipation of significant growth in Quai’s business. Quai has developed innovative technology systems and we believe that we will achieve our objectives with a proactive innovative business partner with whom we have developed a close working relationship.”
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