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On-Boarding

eRECS gives firms significant benefits by streamlining critical pieces of its brokerage settlement operations; however, there is a fair amount of preparation to make use of the functionality.  Firms deciding to on-board to the eRECS system will be sent the eRECS Set-Up Form which details the necessary information that needs to be sent to FIA Tech in order to start the process. Information requested on the form include firm accounting details, firm specific data (i.e. product and exchange codes, entity relationships etc.), invoicing details, and IT resource requirements.  Once FIA Tech has received this information and confirmed all necessary details from the firm, the firm will move to the next stages of the on-boarding process.

An on-boarding firm will need to determine what external data flows will flow into their eRECS environment for brokerage reconciliation.  A firm can choose to have eGAINS, GPS, Atlantis, and Manual Invoice data that is automatically uploaded into the system on a daily basis.  Additionally the firm will need to determine what level of reconciliation and eRECS functionality they want to have.  Any combination of the following can be chosen:

  • Accounts Receivable
  • Accounts Payable
  • Manual Invoicing

If choosing to use eRECS for manual invoicing, firms must identify the brokers and clients with whom they wish to pay and collect.  Once this is determined, the firm’s full eRECS environment can be set up and testing can begin in full.

In order to maximize the value of eRECS, firms must adopt a process that includes a daily trade and fee reconciliation.  At the end of each day, a firm send file from their internal bookkeeping systems that represents their transactions and brokerage accruals.  This file must meet the eRECS system requirements (details communicated when onboarding process begins) in order to be uploaded to the system.  eRECS automatically reconciles transactions and changes to previously processed data daily, which is the quickest way to identify and resolve discrepancies.  Within eRECS, firms can create “aliases” or tables that recognize data differences between external data flows and a firm’s accounting systems for exchanges, firms/brokers, product codes and account numbers. These aliases allow our system to correctly interpret codes in their accounting systems when comparing them to external data flows.

For those interested in adopting the eRECS system, feel free to reach out to request a demo of the system.  You can reach eRECS Support at the following:

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