Gresham Computing, a UK-based provider of reconciliation tools and other technologies to financial institutions, is increasing the size of its Australian network, with a new headquarters in Sydney and new office in Melbourne.
The new floorspace is in response to increased revenues in Australia, which have increased by over 25% year-on-year with the likelihood of further growth expected throughout 2013.
Gresham's principal product, real-time reconciliation solution Clareti Transaction Control (CTC), seeks to eliminate financial transaction losses that become apparent when people are reconciling their books - often at a later stage when they are going through their nostro accounts.
Gresham says that most of the reconciliations solutions in the market are operating on T+1, whereas they say they can do this task in real-time or T+0.
"CTC is built on a grid computing model which makes it more scalable and easier to process trades and reconcile them. Existing vendors are still doing reconciliations through nostro platforms which are designed for large batch processing and takes a long time," a spokesperson for Gresham explained to The Trade Asia.
She added that the product, already used by corporates as well as global financial institutions, is currently experiencing an increased uptick in Australia and Asian business.