Products / SmartRec
SmartRec · Continuous reconciliation
Reconcile positions, cash and activity every day.
SmartRec provides a central environment for continuous reconciliation. Teams can connect custodians and trustees, or reconcile internal systems against one another, and see every break with its owner and its age.
How it works
A daily cycle in place of a month-end exercise.
Load
SmartRec loads records from custodians, trustees and internal systems each day.
Match
Items that agree are matched automatically, and only the differences are presented for review.
Assign
Each break is given an owner and tracked against a service level.
Resolve
The explanation and the correction are recorded against the break and retained.
Capabilities
What SmartRec provides.
- Continuous reconciliation
- Sources are compared daily, so a difference is one day old when it is first seen and remains straightforward to explain.
- Any two sources
- SmartRec can reconcile a custodian to the ledger, a trustee to the portfolio system, or one internal system to another.
- A shared break queue
- All parties work from the same list, in which each break shows its owner, history and resolution.
- Service level management
- SmartRec tracks internal and external turnaround times and shows where breaks are delayed.
The interface
Designed around the daily work.
The views in SmartRec follow the sequence an operations team actually works in: what requires attention today, who owns it and what is outstanding.
Diagrams on this page are illustrative and use sample figures.
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SmartRec product screenshot: break queue with ownership and aging.
What changes
Resolve breaks daily, before they accumulate at month end.
| Task | Common practice | With SmartRec |
|---|---|---|
| Identifying a break | Often at month end, after weeks of further activity | The following morning |
| Resolving a break | Usually by email, with a workbook attached | In a shared queue with full history |
| Following up with a counterparty | Often reliant on individual memory | Tracked against a service level |
| Audit support | Typically reconstructed on request | Retained with each break |
Enterprise readiness
Integration, implementation, controls and support.
SmartRec is implemented and supported by Dacumen practitioners.
- Integration
- SmartRec reconciles records from custodians, trustees and internal portfolio or accounting systems, and requires no change to those systems.
- Implementation
- Dacumen practitioners lead the implementation. They connect the sources, define the matching rules and tolerances, and agree ownership and service levels, then run SmartRec in parallel with the existing process before cutover.
- Controls
- Every break retains its history: when it arose, who owned it, how it was explained and when it was closed.
- Support
- Clients are supported directly by the team that develops and operates the product.
Placeholder
SmartRec support hours and response commitments, to be confirmed.
An exception, start to finish
How a reconciliation break is handled.
A break is identified the morning after it arises, assigned to a named owner, explained with evidence and closed with its history retained.
Illustrative example using sample data.
- Day 1, 06:31
Identified Break
The daily reconciliation finds that the trustee’s par amount for a term loan is 250,000.00 below the amount in the portfolio system.
- Day 1, 06:40
Assigned
The break is routed to a named analyst, with a deadline for resolution.
- Day 1, 09:15
Explained
An agent paydown notice was booked internally but reached the trustee after its cutoff. The notice is attached as evidence.
- Day 2, 06:30
Resolved Match
The trustee’s record is updated and the positions agree. The break is closed with its full history retained for audit.
Related
Use SmartRec with your own team or have ours operate it.
Clients can have our operations staff manage the break queue and escalate only the items that require a decision. Managed services
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TradePathRequest a product walkthrough.
Tell us which reconciliation takes your team the longest, and we will show how SmartRec would perform it daily.