Empaxis Launches New Quality Assurance System for Buy-Side Firms

Published on Monday, 24 October 2011 10:55 Written by TradersHuddle Staff

LOS ANGELES-( Business Wire )-

Empaxis, a leading provider of high-caliber, highly customized operational services and support for asset managers and prime brokerage firms running Advent applications, today announced it has launched a new quality assurance overlay system designed for Advent’s Axys and APX portfolio management applications.

Empaxis’ quality assurance system was built to help buy-side firms running Axys and APX applications maintain and verify the accuracy of the portfolio accounting and trade reconciliation reporting that Empaxis provides its clients on a daily basis. Empaxis verifies and reconciles more than 10,000 data points each month across its client base, which accounts for approximately $30 billion in assets under administration management across more than 200 custodians. Normally that quantity of data validation and quality control would require a full time specialist and would be impractical for all but the largest operations. However, with the Empaxis system, all data validation is completed in less than 30 minutes.

The assurance overlay system enables reporting capabilities that help Empaxis identify comparisons between trade values on transfer in kind versus value calculated by quantity price, as well as locate trends in price source comparison from one day to another. The system also detects accrued interest on fixed income securities with an issue date and performs checks on all back dated transactions.

Additionally, this system works in conjunction with Empaxis’ Six Sigma defect tracking process, further enhancing its overall accuracy and innovation. The system offers flexibility that allows Empaxis to perform quality checks that are specific to individual clients and issues.

“With new trends constantly emerging within the industry, particularly to fixed income securities purchases, it is imperative to employ a quality assurance system that detects any missing prices immediately and effectively,” said Stephen Van de Wetering, CEO of Empaxis. “This new system is designed to locate and address these issues that the typical quality assurance overlay system would overlook due to rapid advancements in financial technology and investment outsourcing.”

About Empaxis (www.empaxis.com)

Empaxis is a leading provider of high-caliber, highly customized operational services and support for asset managers and prime brokerage firms running Advent applications. Empaxis provides portfolio and fund accounting to firms globally with a combined $30 billion in assets under administration. Empaxis provides a concentration of expertise across trade settlement, reconciliation and reporting, ensuring your firm has accurate and current transactional data prior to market open. Empaxis offers 24x7 operational support and a unique blend of services that enable firms to focus their resources on their core business.

Spotlight Financial MarketingFor EmpaxisMarc Weinstein, (212) 521-5902Marc.weinstein@spotlightfm.comorSpotlight Financial MarketingFor EmpaxisP.J. Kinsella, (212) This e-mail address is being protected from spambots. You need JavaScript enabled to view it.