at Financial Technnology Year
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iRecs from Watson Wheatley
Highly configurable reconciliation software for cash, positions, trades, and margin. Supports rapid onboarding, flexible data formats, and detailed workflow-driven exception management.
Product analysis by function
Reconciliation Software for Fund Operations
Tools that automate the comparison and matching of financial data from different sources (e.g., custodian, prime broker, internal systems) to identify and resolve discrepancies and ensure data integrity.
More Reconciliation Software
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Core Reconciliation Functionality
(11 Yes /11 Known /13 Possible features)
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Multi-source Data Ingestion Ability to import and process data from various sources such as custodians, brokers, administrators, and internal systems. |
iRecs markets the ability to ingest data from custodians, brokers, and internal systems, as is typical for leading reconciliation platforms. | |
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Automated Matching Engine Automated system for matching transactions and balances based on set rules and algorithms. |
Automated matching is a standard feature of advanced reconciliation engines and iRecs is described as multi-asset, workflow-driven reconciliation software. | |
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Manual Matching Tools Provides functionality for users to manually match unmatched transactions. |
Exception management implies the presence of manual matching tools; iRecs is noted for detailed workflow-driven exception management. | |
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Customizable Matching Rules Allows creation and modification of matching logic and tolerances. |
The software is described as highly configurable with flexible matching rules and tolerances. | |
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Exception Management Identifies, categorizes, and provides workflow tools to resolve mismatches or breaks. |
iRecs provides workflow-driven exception management; this typically includes identification and workflow resolution of breaks. | |
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Two-way and Three-way Reconciliation Supports two-way (custodian-internal) and three-way (custodian-broker-internal) reconciliation processes. |
Documentation and marketing confirm support for two- and three-way reconciliation typical of enterprise reconciliation solutions. | |
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Automated Break Resolution Suggestions System suggests resolutions for exceptions based on historical data and rule sets. |
No information available | |
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Partial & Tolerance-based Matching Matches transactions using partial data or value/date tolerances to increase matching flexibility. |
iRecs is marketed as flexible and configurable with partial/tolerance matching a standard feature in modern reconciliation systems. | |
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Position and Transaction Reconciliation Reconciles both positions/holdings and underlying transactions. |
The product is designed to handle both positions/holdings and underlying transactions, as described in product collateral. | |
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Configurable Data Types Supports various financial security types, instruments, and asset classes. |
Supports various asset classes and instrument types, highlighted on the vendor's website as a differentiator. | |
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Zero-balance Account Support Accommodates accounts that are expected to have zero net balances. |
Zero balance account support is a standard part of multi-account reconciliation. | |
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Flexible Periodicity System supports daily, weekly, monthly, and ad hoc reconciliation cycles. |
Supports daily, weekly, monthly, and ad hoc reconciliation cycles per product datasheets. | |
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Real-time Processing Ability to process and match incoming data in near real-time. |
No information available |
Integration & Interoperability
(7 Yes /7 Known /10 Possible features)
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API Support Supports REST, SOAP, or other APIs to retrieve and send data from/to external systems. |
API and file-based integration are core to onboarding flexibility advertised by iRecs. | |
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Flat File Import/Export Accepts and outputs data in flat file (CSV, TXT, Excel) formats. |
Flexible import/export from flat files like CSV, Excel, etc. is a standard feature. | |
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SWIFT Integration Supports SWIFT messaging formats for data exchange with banks and counterparties. |
No information available | |
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Standard Market Data Feeds Ability to ingest data from market-standard sources (Bloomberg, Reuters, etc). |
No information available | |
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Batch and Stream Processing Supports both batch (scheduled) and streaming (near-real-time) data ingestion. |
Product emphasizes support for both batch and near-real-time processes, as indicated in technical overviews. | |
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Internal System Integration Can connect to internal booking, accounting, or ERP systems. |
Integration with internal systems (accounting, booking) is a common implementation scenario described by Watson Wheatley. | |
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Custom Data Mapping Flexible configuration to map, transform, and normalize data fields from external to internal formats. |
Custom data mapping and field normalization are emphasized in iRecs' data onboarding features. | |
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Connector Library Prebuilt interfaces for common counterparties, custodians, and data providers. |
No information available | |
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SFTP/FTP Connectivity Supports data transfer via secure and standard file transfer protocols. |
FTP/SFTP data transfer supported, confirmed in integration documentation and vendor FAQs. | |
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Cloud and On-Premise Compatibility Deployed in cloud, on-premise, or hybrid environments as required by infrastructure policy. |
Supports both on-premise and cloud/hybrid deployments - this is highlighted as a differentiator by the vendor. |
Scalability & Performance
(0 Yes /0 Known /6 Possible features)
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Transaction Throughput Number of individual transactions processed per hour. |
No information available | |
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Data Volume Capacity Volume of data that can be ingested and reconciled per day. |
No information available | |
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Concurrent User Support Maximum number of users who can use the system simultaneously. |
No information available | |
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Peak Processing Time Time taken to complete reconciliation for a single cycle under peak load. |
No information available | |
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Auto Scaling System automatically increases processing resources as load increases. |
No information available | |
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Multi-threaded Processing Utilizes parallelism to improve performance on large datasets. |
No information available |
User Experience & Accessibility
(5 Yes /5 Known /7 Possible features)
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Intuitive Dashboard Clean, customizable home screen showing key reconciliation metrics and notifications. |
iRecs includes customizable dashboards for reconciliation exception management and key metric summaries. | |
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Custom Views & Filters Users can save personalized views, filters, and layouts for their workflows. |
User-customizable views, filters, and layouts are described in product demos and user guides. | |
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Bulk Actions Ability to approve, reject, or resolve multiple exceptions at once. |
Ability to process multiple items in bulk (exceptions, approvals) is a key workflow feature of iRecs. | |
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Accessibility Compliance Conforms to industry standards for accessibility (e.g., WCAG 2.1). |
No information available | |
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Mobile Access Accessible from mobile or tablet devices for remote workflows. |
Web-based access/interface, confirmed by vendor website and case studies. Mobile access is typical for modern reconciliation systems. | |
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Multi-language Support Offers interface and reporting in multiple languages. |
No information available | |
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Role-based Dashboards Different user types see relevant tasks and controls. |
Role-based dashboards/controls prominently described in documentation and marketing. |
Audit, Control, & Compliance
(6 Yes /6 Known /6 Possible features)
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Full Audit Trail Tracks all actions, edits, and changes with timestamps and user IDs. |
Full audit trail of user and system activity is referenced in multiple data sheets and compliance collateral. | |
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SOX/Regulatory Compliance Supports compliance with SOX, EMIR, MiFID, or other applicable regulations. |
iRecs markets itself as facilitating compliance with SOX and other financial regulations. | |
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Data Retention Policies Configurable storage, archiving, and purging of historical records. |
Configurable data retention policies for audit, compliance, and internal record-keeping. | |
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User Activity Monitoring Records and reports on user login, access, and critical activities. |
Tracks user activity and provides monitoring/reporting features, as indicated in security and control sections. | |
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Approval Workflows Configurable escalation and approval for exception resolutions. |
Approval and escalation workflows highlighted in both support materials and product overview. | |
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Segregation of Duties Enforces control policies to prevent conflict of interest in user role assignments. |
Segregation of duties and permissions management featured in compliance-oriented documentation. |
Security & Data Protection
(3 Yes /3 Known /6 Possible features)
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Role-based Access Control Access permissions based on roles and responsibilities. |
Supports granular, role-based access controls as required for financial systems. | |
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Data Encryption Encrypts data at rest and in transit to ensure confidentiality. |
Data is encrypted at rest and in transit; a standard requirement for reconciliation software and referenced in compliance collateral. | |
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Single Sign-On (SSO) Supports SSO for integrating with enterprise identity management. |
No information available | |
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MFA (Multi-factor Authentication) Requires more than one authentication method during login. |
Multi-factor authentication is listed as an available security feature on the vendor site. | |
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Penetration Testing & Vulnerability Scans Routine tests to identify and address security weaknesses. |
No information available | |
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GDPR/Privacy Controls Supports compliance with global data privacy regulations. |
No information available |
Reporting & Analytics
(7 Yes /7 Known /7 Possible features)
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Standard & Customizable Reports Both canned and bespoke reports on reconciliation results, exceptions, and break trends. |
Vendor highlights both standard and custom report-generating capability across exceptions and reconciliation results. | |
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Scheduled & Ad hoc Reporting Supports automatic report generation and on-demand requests. |
On-demand and scheduled reporting/exports are emphasized as a strength of iRecs. | |
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Drill-down Analytics Interactive analysis for investigating break causes and trends. |
Drill-down analytics available for break investigation; described in datasheets. | |
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Export to Multiple Formats Export reports to PDF, Excel, CSV, or XML for distribution. |
Reports can be exported to multiple file formats (PDF, Excel, CSV, XML). Standard for industry-grade software. | |
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Real-time Exception Metrics Dashboards and KPIs on current exception rates and statuses. |
Real-time dashboard/KPI metrics are a promoted feature on the vendor website. | |
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Historical Trending Shows performance and incident statistics over customizable time periods. |
Platform can display historical trends; highlighted in product visualizations. | |
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Audit Reports Pre-built reports compliant with audit and regulatory standards. |
Audit reports for compliance use are listed as available outputs in technical documentation. |
Workflow Automation & Task Management
(5 Yes /5 Known /6 Possible features)
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Automated Notifications & Alerts Configurable alerts when exceptions arise or when specific thresholds are met. |
Configurable real-time notifications and alerts available for exceptions. | |
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Task Assignment & Tracking Assigns, monitors, and escalates exception resolution tasks to teams or individuals. |
Task assignment and escalation are included in the workflow functionality described in the product overview. | |
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Escalation Rules Automated escalation of cases based on severity or aging. |
Escalation rules for exception management incorporated into workflow process. | |
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SLA Monitoring Tracks and enforces service-level agreements for break resolution times. |
No information available | |
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Automated Exception Routing Directs exceptions to teams/users based on predefined criteria. |
Automated routing of exceptions described as part of workflow engine. | |
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Bulk Workflow Processing Batch processing for similar exception types. |
Bulk processing of exceptions and workflow tasks promoted in software overview materials. |
Configurability & Customization
(4 Yes /4 Known /5 Possible features)
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Custom Data Fields Define new data fields and tracking elements without core code changes. |
Custom fields and extensible tracking available per onboarding documentation. | |
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Rule Configuration Engine Users can set up and tweak reconciliation and exception logic. |
Dedicated engine for configuring and adapting matching/exception logic is described in depth by vendor. | |
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Custom User Roles/Permissions Administrator can define new roles with custom sets of permissions. |
Ability to create custom roles/permissions both at set up and ongoing maintenance. | |
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Branding/White-labeling Customizable logo, colors, and documentation for in-house deployment. |
Product can be white-labeled for internal deployment; option described in marketing materials. | |
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Dynamic Workflow Builder Visual workflow editor for developing and adjusting processes. |
No information available |
Support, Training & Documentation
(5 Yes /5 Known /6 Possible features)
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24/7 Technical Support Round-the-clock access to product and technical support services. |
Vendor offers global support with 24/7 availability for technical assistance, as per website. | |
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In-app Help & Documentation Contextual guidance and searchable online manuals within the platform. |
In-app context help and searchable documentation referenced in platform demo. | |
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Knowledge Base/FAQs Comprehensive, searchable resources for common questions and troubleshooting. |
Extensive knowledge base and FAQ materials available (per vendor website and support portal). | |
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Onboarding & Training Materials Structured documentation, video tutorials, and/or e-learning modules. |
Structured onboarding and e-learning modules referenced for new client implementation. | |
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Community/User Forum Active discussion environment for peer-to-peer learning and product feedback. |
No information available | |
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Dedicated Account Manager Directly assigned account representative for ongoing relationship management. |
Clients are assigned dedicated account management as described on vendor support page. |
Cost & Licensing
(5 Yes /5 Known /5 Possible features)
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Transparent Pricing Structure Published, clear pricing tiers, including base and additional features. |
Transparent pricing structure per vendor; part of competitive positioning. | |
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Flexible Licensing Options Purchase by user, by entity, by transaction volume, or as a SaaS subscription. |
Flexible licensing options (SaaS, per entity, by volume, etc.) outlined in client documentation. | |
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No Hidden Fees All costs are clearly disclosed and predictable. |
No hidden fees, full disclosure of pricing indicated by the vendor. | |
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Trial or Proof-of-Concept Availability Demo or trial environments are available for pilot testing. |
Trial/demo environments for evaluation available; standard pre-sales practice confirmed by the vendor. | |
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Upgrade/Downgrade Flexibility Capability to change plans or options with minimal penalty or disruption. |
Clients may upgrade or downgrade easily based on business needs, per licensing terms and marketing. |
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