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Product Description

As electronic invoicing and settlement tools became the norm, it was clear to the brokerage community that a similar leap forward was required for reconciliation. The quantity of trades coming from brokerage settlement platforms such as eGAINS and GPS meant that electronic reconciliation was no longer just a good idea, it was becoming a necessity. Morgan Stanley was among the first to act on this necessity, developing the software that would later become eRecs.

FIA Tech acquired eRecs to close the loop on our brokerage workflow. The original system allowed for the reconciliation of the electronic flow coming from eGAINS and GPS, but FIA Tech has worked to expand the system’s capabilities — eRecs now automatically records receipts and payments from electronic platforms, reconciles manual invoices, invoices for unsettled trades, and monitors exceptions.  In Q 1 2017, eRECS will integrate with the Atlantis platform. We have built eRecs into the comprehensive tool for payables and receivables brokerage management.

Key Benefits:

Single solution

  • Manage all brokerage in single platform
  • Integrates with Atlantis and CME’s GPS
  • Supports electronic invoice formats and dispatch
  • FIA Tech expanding invoice network to directly ingest all invoices for firms

Reconciliation based

  • Provides for instantaneous analysis of invoices in exception based model
  • Identifies problems with accruals on daily basis for clearers
  • Match results can be used to advise of payments, make adjustments

Simple to use

  • Hosted solution with FIA Tech is low cost and scalable
  • Firms can integrate and onboard easily
  • Intuitive UI for brokerage teams
  • Configurable for each firm

 

The below diagram depicts the relationship among EGUS, eGAINS (soon to be Atlantis) and other data feeds, and eRECS:

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