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Woodfield Uses Smonik’s RECON For Faster Reconciliation

Woodfield Fund Administration selects Smonik RECON for automatic reconciliation.

In pursuit of better service to its fund customers, Woodfield Fund Administration has selected Smonik’s RECON as a platform to provide clients faster trade reconciliations by automating the processes of retrieving, normalizing and uploading multiple formats of data from prime brokers, custodians and administrators.

High-skilled workers are free from mundane jobs, says Sethu Bijumalla, CEO and founder of Smonik.

“The data is completely audited from the point of inception, where the data originates, to the point it gets to their accounting system,” adds Bijumalla. “If there are any human interactions to the data in the process, the product captures it.”

Woodfield’s President and CEO Frank Franiak says clients want assurance of an intelligent middle and back-office system and workflow process, in a release. “RECON’s easy to use interface reduces the time to make adjustments to reconciliation platform allowing us to focus our efforts on serving out clients’ needs,” says Franiak.

Woodfield has a staff of over 30 people and serves over 150 funds in the U.S. and around the world. Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

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