System and method for centralized automated reconciliation of custody accounts
First Claim
1. A method for reconciliation of fund manager and custodian account records, comprising:
- receiving a first account record by a database electronically from one of an internal portfolio tracking system of a fund manager and a custody network of a custodian and receiving a second account record by the database from the other of the internal portfolio tracking system of the fund manager and the custody network of the custodian;
allowing the fund manager and the custodian to predefine matching rules for the respective account records independently of one another;
automatically comparing the account records by a computer application according to the predefined matching rules for at least one item of account data selected from a group of account data items consisting of account number, security identification, units, unit cost, total cost, unit price, and total market value to identify one of matched and unmatched first and second account records; and
if unmatched account records are identified in the comparison, generating a report of the comparison by the computer application identifying the unmatched account records accessible for display by the fund manager and the custodian, allowing a manual match of the unmatched account records on the database by either one of the fund manager and the custodian, and storing an historical record of the manual match by the computer application accessible by either one of the other of the fund manager and the custodian.
3 Assignments
0 Petitions
Accused Products
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.
105 Citations
32 Claims
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1. A method for reconciliation of fund manager and custodian account records, comprising:
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receiving a first account record by a database electronically from one of an internal portfolio tracking system of a fund manager and a custody network of a custodian and receiving a second account record by the database from the other of the internal portfolio tracking system of the fund manager and the custody network of the custodian; allowing the fund manager and the custodian to predefine matching rules for the respective account records independently of one another; automatically comparing the account records by a computer application according to the predefined matching rules for at least one item of account data selected from a group of account data items consisting of account number, security identification, units, unit cost, total cost, unit price, and total market value to identify one of matched and unmatched first and second account records; and if unmatched account records are identified in the comparison, generating a report of the comparison by the computer application identifying the unmatched account records accessible for display by the fund manager and the custodian, allowing a manual match of the unmatched account records on the database by either one of the fund manager and the custodian, and storing an historical record of the manual match by the computer application accessible by either one of the other of the fund manager and the custodian. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A system for reconciliation of fund manager and custodian account records, comprising:
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a computer database adapted for receiving a first account record electronically from one of an internal portfolio tracking system of a fund manager and a custody network of a custodian and for receiving a second account record from the other of the internal portfolio tracking system of the fund manager and the custody network of the custodian; a computer application preprogrammed for automatically comparing the received account records according to matching rules, which the fund manager and the custodian are allowed to predefine for the respective account records independently of one another, for at least one item of account data selected from a group of account data items consisting of account number, security identification, units, unit cost, total cost, unit price, and total market value to identify one of matched and unmatched first and second account records; and wherein if unmatched account records are identified in the comparison, the computer application is further preprogrammed for generating a report of the comparison identifying the unmatched account records accessible for display by the fund manager and the custodian, for allowing a manual match of the unmatched account records on the database by either one of the fund manager and the custodian, and for storing an historical record of the manual match accessible by either one of the other of the fund manager and the custodian. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32)
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Specification