SunGard releases Loanet Automated Rebate Collection service
08 October 2012 New York
Image: Shutterstock
SunGard has launched Loanet Automated Rebate Collection to help securities finance, operations, trading and technology professionals more efficiently handle the collection and settlement of rebates from firms borrowing or lending securities.
SunGard’s Loanet Automated Rebate Collection service streamlines the process for both matched and disputed rebates that tend to be manually collected on a monthly basis.
It automatically collects rebates for matched payments, schedules their settlement, and extracts and reports rebate collection data. Optional modules automatically update general ledger systems for rebate payments, write-offs and adjustments.
A workflow helps users to research and negotiate any discrepancies with counterparties. The service also centralises all rebate collection and payment information and provides a full audit trail of all activities that are related to the negotiation and settlement of rebate charges.
John Grimaldi, executive vice president, North American securities operations and securities finance for SunGard’s capital markets business, said: “Breakdowns in the collection and settlement process and the lack of straight-through processing can create excessive costs, risks, regulatory issues, and potential financial losses. Loanet Automated Rebate Collection helps automate this process, helping firms collect their payments more quickly and helping staff to focus on resolving exceptions.”
Josh Galper, managing principal of Finadium, said: "Securities finance participants continue to adapt to faster moving markets and higher levels of regulation. Further automating the rebate collection process provides welcome relief from a time consuming and occasionally frustrating process. It also frees up important internal resources to focus on higher value added tasks."
SunGard’s Loanet Automated Rebate Collection service streamlines the process for both matched and disputed rebates that tend to be manually collected on a monthly basis.
It automatically collects rebates for matched payments, schedules their settlement, and extracts and reports rebate collection data. Optional modules automatically update general ledger systems for rebate payments, write-offs and adjustments.
A workflow helps users to research and negotiate any discrepancies with counterparties. The service also centralises all rebate collection and payment information and provides a full audit trail of all activities that are related to the negotiation and settlement of rebate charges.
John Grimaldi, executive vice president, North American securities operations and securities finance for SunGard’s capital markets business, said: “Breakdowns in the collection and settlement process and the lack of straight-through processing can create excessive costs, risks, regulatory issues, and potential financial losses. Loanet Automated Rebate Collection helps automate this process, helping firms collect their payments more quickly and helping staff to focus on resolving exceptions.”
Josh Galper, managing principal of Finadium, said: "Securities finance participants continue to adapt to faster moving markets and higher levels of regulation. Further automating the rebate collection process provides welcome relief from a time consuming and occasionally frustrating process. It also frees up important internal resources to focus on higher value added tasks."
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