Fiserv Announces Spectrum Global Fund Administration Implementation of Accurate™ Solution to Enhance Efficiency and Reduce Operational Risk
Brookfield, Wis., September 8, 2009 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Spectrum Global Fund Administration, a middle and back office outsourcing and administration solution provider to hedge funds and fund of funds, has implemented Accurate™. An automated cash and position reconciliation and exception management solution, Accurate from Fiserv enhances daily reconciliation efficiency and achieves an accelerated time to market for Spectrum's next generation services.
Implementing Accurate enabled Spectrum to create a "single source of truth", providing a full audit trail and enterprise-wide reporting, in addition to streamlining data files from multiple, external prime brokerage houses. The solution has enhanced daily reconciliation processes and controls and is being applied to all investment vehicles housed within the organization.
"We selected the Accurate solution from Fiserv as it fully supports our daily fund administration environment," said Michael E. Griffin, chairman and chief executive officer, Spectrum Global Fund Administration. "Fiserv's deep experience has resulted in a rapid implementation, creating a consolidated platform to standardize daily reconciliation processes, increase operational efficiency and provide greater visibility into transactions across the enterprise. The ongoing support and training from Fiserv will also ensure Spectrum's quality of service aligns with our demanding client expectations."
"Spectrum is well positioned for rapid growth as the market rebounds and delivers a strong pipeline of new business. Fiserv's enterprise solution is best placed to improve core reconciliation processes, enable greater visibility and provide a solid foundation for operational control and improved business efficiency," said Elizabeth Elkins, general manager, Financial Control Solutions, Fiserv. "By making the move to Accurate from Fiserv, Spectrum will be able to accelerate and support business growth and deliver enhanced daily service to customers through their technology advantage."
Financial Control Solutions reinforces Fiserv's core competency in risk and compliance and is focused on the delivery of software solutions that enhance operational efficiency while mitigating financial and compliance risk. The solution suite delivers market leading capabilities across transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting, performance management and spreadsheet control.
About Spectrum Global Fund Administration
Spectrum offers middle and back office outsourcing and administration solutions to hedge funds, funds of funds, CTAs and managed account platforms. Through its 100% proprietary Virtual Back Office (VBO) technology platform, Spectrum provides investment managers and their investors seamless daily access to transparent portfolio, shareholder and financial information. www.spectrumgfa.com
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.
For more information contact:
Media Relations:
Gillian Clare
Director of Marketing
Financial Control Solutions
Fiserv, Inc.
+44 (0) 845 013 1036
gillian.clare@fiserv.com
Additional Fiserv Contact:
Lori Stafford-Thomas
Assistant Vice President
Corporate Communications
Fiserv, Inc.
262-879-5130
lori.stafford@fiserv.com