Canaccord Capital selects Accurate Software

Monday 14 February 2005 11:27 CET | News

Accurate Software has been awarded a contract by recently listed Canaccord Capital Corporation, to deploy Accurates Operational Risk Management solution, Accurate NXG.

Canaccord Capital is licensing the solution to improve the automation of its reconciliation and exception management processes, for cash and securities at its Toronto and Vancouver operations. Canaccord Capital will use the reconciliation and exception management components of Accurate NXG to streamline and simplify the processing of listed, OTC and Option trades, cash, fees and commissions associated with its domestic and cross-border business. Canaccord is also deploying Accurates business intelligence Dashboard technology to improve the companys management reporting. The strength of Accurate NXGs matching functionality for one-to-many and many-to-many item reconciliation directly supports the full netting trading practices found in this environment. Accurate NXG delivers an enterprise-wide operational control framework that will help Canaccord Capital to improve efficiency and reduce costs in its reconciliations processes. Canaccord Capital provides a full range of brokerage services to its client base and therefore Accurate NXG will also be used to help automate position reconciliations associated with the companys custodian relationships as well as with the fund companies associated with their mutual fund activities. In addition, Canaccord will use Accurate NXG to process the reconciliation of their GIC (Guaranteed Investment Certificate) activity on positions held on a NCI (non-certificate issue) basis with 35 financial institutions. Using Accurate NXG, Canaccord Capitals operations staff will be able to focus on the handling and minimising of exceptions that are more complex. Back office operations staff will streamline reconciliation processing and exception handling, so that notification and correction of issues can occur prior to market open each day. The solution will provide the management team with key risk analysis and management reporting. Phase one of the implementation will focus on improving automation of processes at the companys operations in Vancouver and Toronto. Once business processes have been defined and improved in phase one, the second phase will focus on automating those processes further with the rollout of Accurate NXGs workflow component. Also planned for the future is the externalizing of the solutions capabilities via Dashboard, to Canaccord Capitals corporate customers. The implementation, which began in August 2004, is expected to go live in early 2005. Accurate NXG replaces several legacy systems and manual processes.

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