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IG Group Sets Up Global Reconciliation Center

Oct 22 2012
By
Forexbrokerz.com
UK-based forex and CFD broker IG Group has partnered up with the SunGard software provider to set up a global reconciliation center of excellence. IG Group is not the first company to seek SunGard’s services – earlier this year Saxo Bank Schweiz (a subsidiary of the Saxo Bank Group) became the first Swiss bank to start using SunGard’s Ambit private banking solution; the broker also entrusted the software provider with its IT maintenance. 
 
IG Group has selected SunGard’s IntelliMatch Operational Control software to address the needs of its growing global operations. It will be implemented at the broker’s headquarters office in London and will be utilized to automate the company’s cash and securities reconciliation. This is supposed to increase the broker’s auto-match rates, thus decreasing the need of manual intervention and will free up resources that IG Group can employ for optimizing its processes. 
 
This new co-operation will have another strong benefit for the broker and its customers: it will improve IG Group’s compliance by letting it access historic data about reconciliations. This retrospective access of the data will be executed through the point-in-time functionality built in the IntelliMatch Operational Control solution. 
 
James McCarthy, head of financial systems at IG, said, “Technology plays a core role in our business strategy, as it is critical that our infrastructure can scale up as our business expands. SunGard’s IntelliMatch Operational Control has enabled us to establish a centralized, scalable platform for real-time matching and reconciliation to help reduce risk, improve audit and control and eliminate manual processes. We selected SunGard because of the strength of the solution, its web-based user interface and its point-in-time reconciliation functionality.”
 
“SunGard’s IntelliMatch Operational Control helps global financial institutions like the IG Group establish end-to-end automation for all reconciliation environments on a single platform, helping reduce costs, lower operational risk and manage the long-term scalability and optimization of reconciliation-based business processes,” added Jennifer Hanes, Executive Vice President Operations at SunGard’s Banking division.
 

About IG Group 

IG Group Holdings plc is a United Kingdom-based company. The IG Group is a global provider of contracts for difference (CFDs) and spread betting to retail investors. IG, through its main brands, IG Index and IG Markets, provides over 14,000 spread betting and CFD products on a range of financial markets, including forex, stock indices, shares, commodities, binaries, options and interest rates. IG Group Holdings plc, the parent of the IG Group, is listed on the London Stock Exchange. The IG Group employees approximately 1,000 people worldwide and has offices in the UK, France, Spain, Portugal, Germany, Italy, Sweden, Netherlands, Luxembourg, Japan, Australia, South Africa and Singapore.
 

About SunGard 

SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company and was ranked 480 on the Fortune 500. 
 
TAGS: IG Group  forex trading  CFD  Saxo Bank  forex automation software  SunGard 

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