Industries
Capital markets
Fees & billing
Managed services &
process automation
Financial institutions execute millions of trades a day—and generate millions of broker, exchange and custodian fees. Many still rely on manual settlement processes and legacy technology.
Automation and scalability
Our automation capabilities provide auditability as well as the stability and scalability to ensure your organization can fulfill your fiduciary and compliance responsibilities.
Lower operating costs
Bring together disparate data sources to generate insights to identify optimization opportunities. Shift processes toward automation to lower operating costs and drive efficiency.
Front-to-back offering
CSDR introduces greater need for control and efficiency across front-to-back settlements. Our Meritsoft solution provides a fully integrated, managed service featuring intelligent automation software.
Flexible engagement models
Create a plan for managed services that suits your digital transformation priorities and goals.
Fees and Billing, with the acquisition of Cognizant’s partner, Meritsoft, provides banking clients with a fully integrated managed service featuring intelligent automation software. This powerful capability enables Cognizant to work with your team to redefine the way you inventory, validate, settle and optimize fees.
How a bank improved data integrity—and saved millions in operational costs
Operational costs drop $8.6M
business associates discussing work over tablet
The challenge
A global investment bank needed to overhaul its intersystem reconciliation process and control standards to meet stringent new regulatory requirements and reduce the time to onboard new controls. The bank’s in-house legacy tool for intersystem controls extracted data from 4,000 sources and was often inconsistent, duplicative and unreliable. In addition, the platform’s hardware and software were nearing end of life, and the platform itself was neither optimized to meet new regulatory mandates nor reconcile data in real time. The bank turned to Cognizant, its long-time capital markets platform partner and the 1,500-strong team at our Reconciliation Center of Excellence for a modern solution that would help overcome its challenges.
Our approach
Having worked with the bank for over a decade, we are extremely familiar with the existing intersystem reconciliation platform and its limitations. Based on our expertise in reconciliations, we compared the top reconciliation platform providers on eight key parameters: end-of-life risk, operation risk reduction, performance and volume capacity, intraday capability, time to market, migration costs, operating costs and intersystem functionality.
We helped the bank identify the best-in-class platform, selecting Gresham’s Clareti Transaction Control (CTC) for its flexibility, innovative technology and real-time capabilities. Cognizant implemented the CTC platform in eight weeks and worked closely with Gresham to improve the bank’s control environment. We built nearly 500 new controls and reconciliations, and deployed the enterprise-wide solution across geographies, asset classes and business units. To ensure that mission-critical data was complete, accurate and consistent, we designed the platform to meet all key regulatory requirements for risk and data management.
Take the first step
Serving customers by looking forward as well as back is a big promise, but the power of today’s new digital capabilities is vast and growing.
Let’s talk about how automotive digital solutions can work for your business.