GL Trade, a provider of front-to-back office and multi-asset software solutions, has installed its automated reconciliation system at Swiss bank Banque Cantonale Vaudoise. The bank has chosen GL Trade to automate daily reconciliation processes and to reduce the operational risks of its derivative business.
The system has been deployed to automatically reconcile different sources such as listed derivatives trades and open positions between exchanges and brokers and the bank’s book-keeping system; and accounting entries between the bank’s accounting system and its book-keeping system.
GL Trade says the system allows financial institutions to automate reconciliation processes between different sources, either external or internal. It allows users to design their own reconciliation processes.
“These automatic processes save daily man hours and reduce errors source of potential issues for the bank,” said Alain Girod, back-office manager of market operations at Banque Cantonale Vaudoise, in a statement.