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| Patni Introduces Hosted Reconciliation Solution for Global Financial Institutions
New Offering Streamlines and Simplifies the Process of Financial Data Management | |||
| 22 Oct 2009
, Cambridge, Mass.
: Patni Computer Systems (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI), a leading global IT and BPO services provider, today announced a new solution to complete the lifecycle management of financial data for diversified, global financial institutions. The Overnight Global Reconciliation Factory (GRF), offered in conjunction with Patni’s Operational Fund Accounting Services (OFA) and Financial Control and Reporting Program (FRP) as a suite of solutions, will alleviate the daunting back office reporting requirements that challenge asset management firms. The solutions, available as a package or individually, enable financial institutions to cut costs and manage fixed expenses, while maintaining a focus on continued growth. Utilizing best-of-breed, hosted technology and backed by more than 25 years of financial services industry expertise, Patni’s GRF covers a full spectrum of financial data management including positions, cash, income/expenses and profit and loss. A 24x7 global delivery model ensures that this management can be done anywhere a financial institution is located, providing overnight reconciliations with higher efficiency while eliminating the need for in-house development and the maintenance of countless custodial feeds. Moreover, the combination of cutting edge technology and a services-based model enables fund administrators to shrink capital expenditures for software licenses and associated hardware, while ensuring the availability of resources ‘on-demand’. As a result, the cost of ownership of reconciliation processes can be reduced by up to 40%. “Regulatory demands and market conditions have complicated the business of financial institutions to the point where the execution and management of daily business operations has become more challenging and expensive”, said Fred Cohen, Global Head of Patni’s Asset Management Practice. “We can help asset management firms reduce costs and focus on core areas by managing their back office functions. Our technology and industry expertise is extensive and our programs flexible, ensuring that a firm’s back office operations are being completed accurately, efficiently and on-time. There’s no reason to be burdened by expanding back office functions.” The company’s OFA services, introduced earlier this year, offers fund administrators a trusted partner that provides data consistency, accurate financial reporting, customer data security and privacy. The OFA solution offers significant operational cost savings, productivity gains between 10-15%, a shift from a fixed cost to variable cost model, strict regulatory compliance, reduced risk, improved transparency and controls. Patni’s FRP program helps companies with all activities related to the compilation of financial statements monthly, quarterly, or annually, delivering all related documentation per required deadlines, ensuring compliance with legal provisions. This eases administrative burdens while simultaneously reducing operational costs up to 40% and realizing productivity gains up to 35%. For more information please visit: http://www.patni.com/financial-services/service-offerings.aspx#Global_Reconciliation_Factory About Patni Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a global provider of IT Services and business solutions, servicing Global 2000 clients. Patni services its clients through its industry-focused practices, including banking, financial services (BFS) and insurance (I); manufacturing, retail and distribution (MRD); life sciences; communications, media and utilities (CMU), and its technology-focused practices. With an employee strength of around 13,800; multiple global delivery centers spread across 12 cities worldwide; 27 international offices across the Americas, Europe and Asia-Pacific; Patni has registered revenues of US$ 719 million for the year 2008. Patni’s service offerings include application development and maintenance, enterprise application solutions, business and technology consulting, product engineering services, infrastructure management services, customer interaction services & business process outsourcing, quality assurance and engineering services. Committed to quality, Patni adds value to its clients’ businesses through well-established and structured methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified and SEI-CMMI Level 5 (V 1.2) organization, assessed enterprise wide at P-CMM Level 3. In keeping with its focus on continuous process improvements, Patni adopts Six Sigma practices as an integral part of its quality and process frameworks. Patni leverages its vast experience spanning three decades; deep domain expertise; full-spectrum services; and suites of IP-led solutions, methodologies and frameworks; in being an effective business transformation partner to its clients. For more information on Patni, visit http://www.patni.com/. |
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