London, 21 June 2016 – As reconciliation as a function has matured over the last decade, an integral part of many firms’ reconciliation investments has been the establishment of dedicated centers, often located offshore, to support various industrialized reconciliation processes. These centers go by a variety of names, and processes vary widely across firms, reflecting their nonstandard nature at an enterprise level. But can these complex centers also fulfill a simple purpose—to reduce cost and risk across a business line or an enterprise?
This report considers how many firms have adopted this approach, what drove the decision to do so, and what benefits and challenges have been realized as a result. It is based on a 2015 online Aite Group survey and Aite Group phone interviews conducted with operations and technology executives engaged in the oversight of reconciliation processes at 82 Tier-1 and Tier-2 financial institutions across the globe. It is the second in a series of two on reconciliation practices across the globe—find the first here.
This 30-page Impact Report contains 25 figures. Clients of Aite Group’s Institutional Securities & Investments service can download this report.