Xceptor, the leading provider of process automation and data management services for the financial sector, today announced that it has signed an agreement with Zurich International Life, to implement Xceptor Reconciliation Hub to automate a wide range of their reconciliation processes.
Xceptor will service requirements ranging from fund and asset position and transaction matching; cash balance and transaction matching; broker activity matching and fee reconciliation.
Through rule-based configurations Xceptor places business users in complete control of defining and managing their reconciliation process without having to rely on IT support. The number and sequencing of rules that can be applied to reconciliations are limitless, and users can configure the workflow of each reconciliation and exception path, notifying appropriate resources to enable repair and resolution.
All aspects of the reconciliation process are automated, from initial data preparation and reference data look-ups, through reconciliation, exceptions and repair, to final sign-off.
As part of the new agreement, Zurich International Life’s existing Xceptor Data Hub licence will also be upgraded to the enhanced Version 4, which includes fully configurable graphical dashboards, along with multiple other improvements.
David Peach, Chief Financial Officer of Zurich International Life commented, “Xceptor Reconciliation Hub is a great way for our business to both significantly improve efficiency and strengthen our control environment. We are long established users of Xceptor Data Hub, and our excellent experience with Xceptor meant that it was a logical next step to extend our relationship”.
“We are delighted that Zurich International Life has decided to expand our existing relationship to encompass our reconciliations platform”, said Andrew Kouloumbrides, Chief Executive Officer of Xceptor. “With the variety and complexity of processes that Zurich needs to accommodate, I am pleased that we are able to demonstrate the value that Xceptor can add to back office operations in the insurance sector”.