UK insurance services firm Broker Network Holdings is using the ReconNET platform from Dallas, Texas-based Trintech to streamline its internal operations and strengthen its financial controls.
The platform will be deployed to automate the verification and reconciliation of the firm’s central depository account and insurance premium payments. It will also provide risk management and reporting for its daily and month-end operations.
The implementation comes in response to an announcement made by the Financial Services Authority (FSA), an independent non-governmental body, which requires all UK insurers and brokers to be authorized by the FSA. This in turn demands a compliance with new regulations, including one that requires brokers and providers to demonstrate that they have adequate financial controls in place.
Industry regulations like FSA have necessitated the move to automated transaction reconciliation to reduce manual processes and mitigate risk, said John Harte, general manager of Trintech’s funds management systems division. Companies like Broker Network rely on ReconNET because the solution supports financial accountability, audit and reporting requirements for data integrity through automation and a closed system architecture.
Broker Network Holdings provides service to insurance brokers in the UK that specialize in commercial insurance for small businesses.