Richard Heimans

"We began with the Dublin office as a proof of concept to senior management to understand the merits of installing such a system," said Richard Heimans, program manager for Fortis Prime Fund Solutions, headquartered in Amsterdam.

Heimans added that his unit plans to extend the platform to support other types of reconciliations, including cash and securities positions, open transactions and dividend payments, as well as additional markets.

The expected benefits of the automated system include a reduction in the costs and operational risk involved in using multiple internal software systems, manual intervention and a multitude of complicated procedures.According to Heimans, the new system will allow Fortis Prime Fund Solutions to expand the number of clients and volume of transactions it can service.
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Heimans said that while the new reconciliation platform identifies exceptions--otherwise known as breaks--in the process, investigations will likely remain manual.