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System and method for centralized automated reconciliation of custody accounts

a technology of custody accounts and system and methods, applied in the field of automatic reconciliation of investment managers and related custody accounts, can solve the problems of inability to provide any value, inability to accurately reconcile securities, so as to facilitate the reconciliation of securities, streamline the operation of work flow, and speed up the process

Inactive Publication Date: 2009-05-28
CITIBANK
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The present invention provides a system and method for centralized automated reconciliation of client investment accounts using sophisticated matching software. The system is seamless and continuous, with a single point of access for all custody data and accounting information. It is outsourced to a trusted and experienced service provider to ensure integrity and accuracy. The system includes a graphical user interface and other system components that receive and parse the account records, validate and reform them to a standard format for uploading to the service bureau database. The system automatically compares the account records and displays reports of the comparison process for viewing and downloading by the user. The system also makes mappings of security identifiers across the world's various schemes for identifying securities and provides web-based services. Overall, the system provides a more efficient and effective way to reconcile client investment accounts.

Problems solved by technology

Such a manual process is extremely tedious and time consuming.
The manual process is error prone and provides no value whatsoever to the business of the fund managers.

Method used

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  • System and method for centralized automated reconciliation of custody accounts
  • System and method for centralized automated reconciliation of custody accounts
  • System and method for centralized automated reconciliation of custody accounts

Examples

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Embodiment Construction

[0058]Referring now in detail to an embodiment of the present invention, an example of which is illustrated in the accompanying drawings, FIG. 1 illustrates an overview of an example of key entities and the flow of information between the key entities for the process of reconciliation of custody accounts. The trading, settlement, clearance, and safe-keeping of securities involves several individuals and organizations. These individuals and organizations include, for example, fund managers (or investment management firms) 2, custodians 4, brokers 6, and depositories. Fund managers 2 make investments in securities on behalf of their customers 8. These trades 10 are normally made through the services of brokers 6, who act as agents for the fund managers 2. Brokers 6, in turn, settle 12 the trade 10 with custodians 4, who hold the physical / electronic securities.

[0059]The presence of several organizations in the investment process, with each maintaining its own books and records, gives r...

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Abstract

A method and system for centralized automated reconciliation of investment manager and related custody accounts makes use of computer hardware and software in a service bureau environment to receive information and records electronically from fund managers and custodian banks in different formats, to reformat the files for inputting to the system, and to perform the reconciliation process in a uniform manner. The system also allows one or both of fund managers and custodians to establish matching rules, to view the results of the matching process, to track the investigation process for unmatched records, and to manually match unmatched records.

Description

PRIORITY APPLICATION[0001]This application is a continuation of co-pending U.S. patent application Ser. No. 09 / 535,877 filed Mar. 28, 2000, entitled “System and Method for Centralized Automated Reconciliation of Custody Accounts”, claiming priority to U.S. Provisional Application No. 60 / 126,764 filed Mar. 29, 1999, each of which is incorporated herein by this reference.FIELD OF THE INVENTION[0002]The present invention relates to automated reconciliation of investment manager and related custody accounts, and in particular to a system and method for centralized automated reconciliation of those accounts.BACKGROUND OF THE INVENTION[0003]In today's investment environment, investment managers or fund managers who represent, for example, institutional investors have to demonstrate to those institutional investors that their records agree with the records maintained by the custodians of the institutions' investment assets, such as the institutional investors' banks. For example, a fund ma...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q40/00G06Q10/00
CPCG06Q20/10G06Q20/102G06Q40/12G06Q40/04G06Q40/06G06Q40/00
Inventor BOYLE, TERENCESCHNEIDER, ALANGESHER, NOLANCASSELL, JON
Owner CITIBANK
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