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Firms in the banking and financial space are, increasingly, turning to innovation as today's best bet for closing the gap between the desired earnings and actual growth. The key to success and indeed survival today is continuous innovation and the recognition that we are living in a world where business models don't last anywhere near as long as they used to. In addition, the landscape is growing increasingly complex with the emergence of multi-asset and cross asset trading, rise of algorithmic trading, need for best execution management and increasingly stringent compliance requirements. Therefore, unless a company is innovating at a fundamental level and strategically, it could find itself losing market share very quickly.
There are many factors involved, but the big picture is all about innovation. It is, therefore, critical to have an IT services partner to ensure that the company’s systems don’t become a bottleneck for change. Hexaware recognizes that the needs of its financial services clients are becoming increasingly sophisticated. Through Hexalab, Hexaware’s Innovation Lab, we are meeting the challenge by combining deep domain expertise with technology skills, and an understanding of future trends to develop newer, creative, up-to-date solution accelerators and tools to better service our clients.
At Hexaware, we put Innovation at the top of our Business Agenda.
Cheers
Rusi Brij, CEO & Vice Chairman,
Hexaware Technologies
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Reconciliation of transactions is one of the critical operations in every financial institution and the effective management of this activity is essential for the success of an organization. The main objective of performing reconciliation is to identify incompatibilities in data and achieve resolution.
Reconciliation is an important function in the areas of Cash Management, Payment Processing, GL Accounting, pre and post Trade Settlement, Position Management, Confirmations and Risk & Compliance Management.
BANKING OPERATIONS
Cash Management: Timely bank reconciliation would allow effective Management of payables and receivables, thereby, enabling timely management for optimum utilization of cash. This includes identification of suitable opportunities to capture revenue and more efficient use of cash resources.
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Order Management Systems (OMS) pose several challenges to the way in which an institution is able to leverage them to ensure effective trading. These include challenges ensuring compliance to increasingly stringent and ever changing regulations related to order management process. Another challenge is ensuring the accuracy of the pre and post trade analytics of the OMS. Several order management systems have reliability issues with critical external interfaces to ECNs, market data feeds and clearing houses. There may be inconsistencies in the performance of OMS across different asset classes. Firms face constant problems in achieving accurate book keeping and logging and effectively managing the market data. To add to all this, there is a rush to broaden the functionality of the OMS by including features like comprehensive decision support system, integrated market data, algorithmic trading etc. Read more
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