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  • A fully integrated, automated and seamless settlement administration system using one, single database

    Using straight through processing, Figaro shares exactly the same information between the front office, middle office, back office and the web. Data integrity is beyond doubt and users can expect substantial improvements in productivity.

    As Figaro holds all relevant CREST data, its automated stock and cash reconciliation processes optimise back office resources and operations. Once an order has been executed through the front office or the web, Figaro automatically processes the order, including all accounts postings and settlement.

    Key Back Office features include:

    • True STP – order entry to contract processing
    • Comprehensive multi-currency accounting functionality
    • Integrated STP settlement links
    • The most functionally rich CREST interface in the market today
    • All tax wrappers dealt with
    • Advanced corporate actions and dividends
    • Nominee processing
    • Automated stock and cash reconciliation
    • Fees billing Invoice System
    • Full management information and exception reporting
    • Full regulatory compliance
    • Client records/comprehensive accounting system

    An efficient, compliant and responsive settlement system

    Reducing the risk and the cost of settlement functions provides firms with a robust and flexible structure that’s more than capable of keeping pace with market and regulatory changes. JHC’s functionality automates settlement tasks and procedures leading to more efficient processing—and all from a single source.

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    Functions include the configuration of member and accounts structure; default data; transaction list function; and messaging—including error monitoring and task scheduler maintenance.

    Messages generated by the contract processing programs are sent to the custodian via an automated task scheduler. Those messages are then retrieved and processed by the back office, which depending on the type and status of the messages received, posts to cash and stock accounts. Fully configurable for multiple foreign custodians. 

    A flexible fee billing and charging structure

    Stringent regulations, tighter margins and increased competition have led to more transparency over client fees. Being able to calculate and apply fees quickly and correctly has become a crucial requirement for investment managers, wealth managers, private banks and platform providers. With large volumes of clients and widely-differing investment mandates, financial institutions must be able to satisfy both the regulator and the firm’s clients.

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    By using centralised billing and relationship-based fee structures, firms are able to maximise revenue potential and reduce leakage.

    The single invoicing platform gives users complete control over their fee structure and application—irrespective of currencies or geography. Pricing structures can be tailored according to individual client relationships and demands. Flexible pricing not only optimises revenue potential, but also avoids inadvertent over-charging, which helps reinforce customer loyalty. 

    JHC’s intelligent workflow facilities allow investment managers to quickly and easily expedite the tasks associated with Corporate Actions processing, which broadly speaking are:

    • Producing client communications about forthcoming events
    • Acceptance of client choice in optional events
    • Administering and monitoring the progress of the above functions

    Automated corporate actions
    Figaro’s template-driven corporate action and dividend processing workflow handles every type of mandatory and optional event. With full book cost processing for CGT and performance report integration with workflow and Crest, management of pooled accounts including rounding for fractional entitlements, management of over-subscriptions on open offers and scaling back for IPO processing, Figaro’s CA functionality is comprehensive and efficient. The same functionality applies to new issues and placings and dividends etc.

    Automated income processing
    JHC’s tools and platforms integrate with CREST to provide automated, template-driven reconciliation to Registrar transactions and claims and creation of Rights Issues, Exercise Warrants and Takeover (Escrow) transactions. Every type of mandatory and optional event can be processed automatically, including:

    • Dividend re-investment
    • Full book cost processing for CGT
    • Management of pooled accounts (including rounding for fractional entitlements) management of over-subscriptions on open offers
    • Scaling back for IPO processing

    Multi currency
    When processing multi-currency transactions, JHC’s system automatically performs all related international tax calculations and offers enhanced processing for DRIPs, SCRIPs, etc.

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    Efficient, real-time reconciliation

    When implemented and employed correctly, automation makes wealth management firms more efficient. For example, by automating manual procedures, management information is complete, accurate and up-to-date, which improves operational control and increases transparency across the business.

    All JHC’s platforms and tools utilise a single database. Drawing on just one source of data avoids costly and time-consuming reconciliations across the front and back office systems and delays between the client web portal and back office. The same single database also holds all relevant CREST data, which greatly enhances back office efficiency. 

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    JHC can provide:

    • Real-time reconciliations for stock and cash positions
    • A fully auditable system — for every event, evidenced
    • The ability to reconcile stock positions at different symbol levels (ISIN, CUSIP, SEDOL)
    • A reconciliation of cash positions against electronic bank statements or reports
    • Exception monitoring and reporting in real time
    • Full support for SWIFT and FIX messaging
    • Real-time reconciliations for stock and cash positions
    • A fully auditable system – for every event evidenced
    • The ability to reconcile stock positions at different symbol levels (ISIN, CUSIP, SEDOL)
    • A reconciliation of cash positions against electronic bank statements or reports
    • Exception monitoring and reporting in real time

    Widespread support across tax products

    Understanding a client’s financial goals and identifying (and applying) the most appropriate product is essential for today’s investment managers. JHC’s solutions are HMRC compliant and can manage all range of tax types of tax wrappers —i.e., ISAs, SIPPs, SSAS, JISAs and NISAs.

      

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    JHC’s platforms and tools manage the relevant checks and processes, including :

    • Investor date of birth is checked to ensure the client is 18+ years old
    • The format but not the content of the NINO field is validated
    • Eligible investments can be flagged in the stock file
    • Every ISA is monitored to ensure that it does not exceed the stated subscription limits
    • Subscription limits are fully maintained—new subscriptions can be set up using the configurable client maintenance templates.
    • Transfers in and out, can be managed using transfer workflow processing 

    Bringing control and efficiency to accounting and custody 

    With high levels of automation and straight through processing (STP) as standard, JHC’s technologies help to create an accounting and custody environment which supports a more efficient and tightly controlled workflow.

    JHC’s comprehensive accounting functions include:

    • Manual cash postings
    • Displaying of client and non-client accounts
    • Automated cheques and financial money sweeps
    • Automated bank reconciliation
    • Automated deposit interest
    • Trial balance and management accounts
    • CREST cash reconciliation