Financial Services firms need to ensure that are fulfilling their obligations to their clients and complying with the relevant regulations.

Reconciliations are an essential tool that are obliged to have to make sure that the above obligation is met.

Lack of a proper reconciliation process might lead to penalties, reputational damage and even in some cases loss or license.

Irrespective on the regulation that a company is licensed by, there always need to be a formal process to be followed so that you are always complying with regulations.

MRS considers the different regulatory requirements and can be tailored to perform reconciliations as per company’s needs. It has been created to specifically streamline the entire reconciliation process, providing the below functionalities:

1. Import data from multiple sources and create a central data warehouse of all client movement.

2. Dynamic matching engine that matches transactions in your platform with transactions in your client money accounts.

3. Show your internal record of your client balances (equity) aggregated per currency and by each client separately.

4. Creation of a balance per Bank, Payment Provider, Broker clarifying for each source if it’s considered as client or company money.

5. MRS considers any negative client balances and adjusts your requirement.

6. Creation of a multicurrency Journal entry and Trial balance, making this an internal record for your reconciliations.

7. The reconciliation report in MRS provides you with a detailed analysis of the difference between the amount of reportable client money owed to the licensee’s clients and the amount being held.

8. All reports state the time and date that reconciliation was performed, and period related.

9. All reconciliation reports, daily or monthly, can be singed both on paper but also electronically in MRS.

10. Daily checklist on completion of a reconciliation is saved and can be easily traced for any reference. Email notifications are also sent to the nominated reconciliation officers.

11. Insert, when applicable a buffer for your reconciliation. Each company uses its own method of calculating the buffer amount to have in its reconciliations. MRS allows you to input and amend any buffer figures and include these in your reconciliation reports

12. Any action performed is recorded and can be traced within the comprehensive activity logs. This allows for total transparency and helps build trust with auditors and other reviewers.

13. Ensure your company remains secure and all policies are adhered to with fully customisable user access levels. Each employee receives the exact access they need and nothing more.

In addition to the regulatory reconciliation requirements, companies need to have a solid money management solution that will allow them to identify but also diversify their risk. MRS’s multicurrency treasury management allows companies to view on a daily basis the apportionment of their funds by currency, check against pre-set management limits and identify any currency exposures.