Solutions for
Institutional Investors
Goal
Goal
Give your investment operations staff the time they need for analysis and problem solving rather than manual, mundane tasks. Add controls, accuracy, and efficiencies to your process. Integrate with multiple downstream systems.
Challenge
Challenge
Data extraction, by itself, is not enough. Institutional Investors need a holistic solution to solve their manual data capture and data extraction needs. They also need a solution that handles all document types; not simply statements and capital call/distribution notices.
Solution
Solution
Smonik’s holistic solution, Smonik Automik, provides data capture, data extraction (for all document types), data validation and integration with downstream, internal systems. A “true’ solution to this age-old industry problem!
Institutional Investors – FAQ
How long does it take to setup the mapping for a new document type?

A typical PDF document such as a capital statement or capital call notice may take anywhere from 30 minutes to 1 hour, depending on the complexity of the data. Users have access to all functionality enabling them to setup and map documents themselves or Smonik staff can assist them.

Once the data is extracted can it be integrated with other systems?

When the data is extracted, the user can control the output. Data can be saved to a file on a network drive, imported to the Smonik database for reconciliation and/or reporting, or integrated with other downstream systems (such as an in-house accounting system.)

Can Smonik be used by multiple users across locations?

Smonik allows an unlimited number of users. There are a number of installation options ranging from local install within the client's environment, a private cloud, or SaaS (Software as a Service.) Any of these installation options would allow multiple users across locations.

Can I configure the workflow to view reconciliations and exceptions by account, bank or subsidiary?

Yes. The Recon Status view and the Break Details view are configurable to inspect all aspects of a recon (including matched and unmatched items) with filtering and grouping established by the user. Within the Recon Configuration screens, the user can set up which fields are available for filtering and grouping.

Are you able to restrict a user to only view data for a specific client?

Yes. Permissions can be set to allow specific users to only have access to the client's data for whom they are responsible.

Is there an approval workflow?

Smonik includes a “Review” and “Sign-Off” button for each recon. When selected, the user's login credentials appear showing they have either Reviewed or Signed-off on the particular recon. Once the recon has been reviewed or signed-off, the recon data is locked and cannot be edited or changed in any way.

Is Smonik capable of handling large volumes of data (accounts and/or transactions)?

Smonik is designed to handle large volumes of data. Our data retrieval, ETL (Extract, Transform, Load,) and reconciliation components are capable of processing over 1 million transactions, end-to-end, in minutes.

Can data be exported to Excel?

Data can be exported to Excel (with or without header rows) or PDF from either the Recon Status screen or the Break Details screen.

Can you apply tolerances when matching items?

Smonik has extensive tolerance settings which can be set at the most granular level. For instance, if you are reconciling cash transactions, you could set a tolerance for each currency or a separate tolerance for each currency by bank account.

Can dashboards and reports be customized to meet specific management reporting needs?

Users have the ability to create new dashboards and/or reports or edit existing ones. Smonik staff will also assist with more complex requests. Custom requests are typically delivered in 1 – 2 days at minimal cost.