How to Choose Between Hosted or In-House Solutions

Need for solutions
Over the last few years, financial markets have been hit by the economic recession, with interest rates dropping to an unprecedented low and governments desperately trying to prevent their countries falling further into a downward spiral. As a result, many companies are seeking to increase their operational efficiency. Technology has already been extensively implemented into business structures to increase productivity and income, but organisations need to do more in order to increase profit margins. 

Effective reconciliation controls can improve the ability to meet tighter cash restraints placed upon businesses, and can also improve cash management issues such as financial transparency and operational risks. As a trusted financial infrastructure provider, London Stock Exchange Group’s UnaVista platform can help businesses alleviate economic concerns by enhancing financial reconciliation.
The lack of liquidity available in the market is a current concern for organisations. Many treasurers are now seeking far more efficient uses of technology in the aftermath of the banking crisis, which ensures that waste is kept to a minimum in order to gain optimum productivity. This has led to an increased awareness of retail technology solutions to assist these companies in gaining control over several key areas of business, i.e. cash flow, information transparency and operational efficiency.

Hosted vs. in-house solutions
When choosing the right reconciliation service, many companies often neglect to incorporate additional costs generally associated with internal in-house solutions. These IT overheads include the costs of physical servers, software, the integration of the solution into the network environment and on-going maintenance, including personnel salaries. We are therefore seeing trends towards hosted solutions, which offer businesses the same levels of functionality without the added costs of data storage and infrastructure.

It is worth noting though, that in-house solutions can cost thousands in set-up costs, the process can be time consuming as deployment can run for months, potentially decreasing productivity within a business.

Finding reconciliation help
This hosted solution model calls for a trusted relationship between the supplier and a business. One of the best resources for finding a solution, as well as guidance, is the UnaVista section of London Stock Exchange Group’s website. UnaVista, the group’s own global hosted platform, has grown to be a trusted participant in the market with the added security it offers. This versatile hosted solution can manage the demands of standard retail reconciliation requirements, as well as integrating workflow, providing dashboard-style reports and offering practices such as balance sheet control and supplier statements. UnaVista can also provide new services including confirmation matching, regulatory solutions and reference data.

This article was provided by UnaVista from London Stock Exchange Group. UnaVista forms a new approach to data management, bypassing the need for costly new infrastructure, big system upgrades or internal IT teams with one central system that deals with all of your data management challenges simply, securely and affordably. The site also provides a hugely valuable source of information, with news and articles on all the financial regulation that matters, from CRD IV to FATCA. 

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