Dublin, 18th August 2020 - Fund Recs today announced that SuMi TRUST, one of the largest financial services groups in Japan, has selected its Transfer Agency bank reconciliation module for its fund services business in Ireland.
Fund Recs Transfer Agency Bank Rec module, part of the Velocity platform, ensures all transactions flowing through investor operating accounts relate to approved fund dealing. This ensures a robust process is in place and helps protect investor funds. This also provides oversight for IMR on a transaction by transaction basis.
Delivered as a fully hosted Software as a Service solution, Fund Recs provides live in app support to assist with onboarding and help meet daily deadlines.
Alan Meaney, CEO of Fund Recs, said “We’re really excited to be working with another large financial services client like SuMi TRUST to help ensure regulatory requirements are met with ease. Transfer Agency Bank Recs is an area of increased focus in the Industry and we’re proud of the safeguards our software adds to the process while also increasing overall efficiency.”
Eric McCarthy, Head of Operational Planning at SuMi TRUST said “This implementation with Fund Recs is part of our ongoing investment in technology solutions to adapt to the increasingly complex regulatory environment. The solution was developed in conjunction with Fund Recs and the implementation process was smooth and efficient and has led to an improved reconciliation process, both in terms of effectiveness and efficiency. We’re very excited to be partnering with Fund Recs and look forward to exploring additional opportunities their suite of products has to offer.”
About Fund Recs
Fund Recs is the doing platform for funds. We translate complex workflows into a series of simple actions to help people manage, move, and reconcile their fund data at scale. Founded in Ireland in 2013, the clients we serve are spread across the world and our remote-first team continues to grow to help meet the challenges of doing business, meeting regulations, and scaling through people and technology.
About SuMi TRUST
Sumitomo Mitsui Trust Bank is the largest company in most of the major areas of the trust banking industry in Japan. We will build on our global business model to create unique value-added services associated with the brand of “SuMi TRUST”, with a firm presence not only in the Japanese trust banking industry, but also in the global financial industry.