Irish start-up, Fund Recs, today announced that it has secured a major new contract with Capita Asset Services, part of FTSE 100 company Capita Plc. Under the new contract Fund Recs, which develops cloud based reconciliation software for the funds industry, will provide trade processing solutions for Capita’s fund business in Ireland. Fund Recs software will be used to automatically capture trades from Fund Managers and post them to Capita’s internal fund accounting system.
Fund Recs was founded in 2013 to provide reconciliation software to global fund administrators. Its software allows companies automate the reconciliation of Cash, Position and FX holdings on the funds they administer thereby removing the operational risk of manual mistakes. Fund Recs also provides a manager dashboard giving a live overview of operational progress as well as automatically collecting key performance indicators.
Commenting on the new contract, Alan Meaney, Director of Fund Recs, said “We are excited to be working with Capita Asset Services and are delighted they’ve chosen Fund Recs as their trade processing solution. Our experience and technology are enabling Capita Asset Services transition to a Straight Through Processing (STP) model. This automated model helps reduce operational risk and will also provide additional transparency. As an innovation partner we’re actively working with firms similar to Capita Asset Services to create value by finding better ways to do things and also explore new services to drive revenue growth.”
Paul Burke, senior manager, fund accounting for Capita Financial Administrators (Ireland) Limited in Dublin, said “Fund Recs was successful in our competitive trade capture RFP process, primarily for two reasons; fully understanding their clients’ requirements and a user friendly solution that reduces manual risk. Fund Recs commitment to the process should enhance Capita’s operational model. ”
Having already secured initial investment from Enterprise Ireland since it was founded, Fund Recs is currently accelerating its business in Wayra.