Back Office
Figaro provides a fully functional and market-leading Back Office solution for retail stockbrokers delivering a comprehensive, fully integrated and seamless settlement and administration system. Due to its rich, integrated functionality and proven volume STP capability, Figaro has been used by many of our clients to help re-engineer their business processes to achieve optimum operational efficiency-saving both time and the resources required to run their Back Office operations.
One database delivering automation and efficiency
Figaro Back Office provides a single database for the whole Figaro system.
One database means data integrity and, because Figaro also holds all relevant CREST data, its automated stock and cash reconciliation processes enable highly efficient back office operations.
Once an order has been executed through the Front Office or the web, Figaro Back Office automatically deals with all processing, including all accounts postings and settlement.
The Key benefits of Figaro’s Back Office include:
- Client records/ comprehensive accounting system
- True STP – order entry to contract processing
- CREST / International Settlement Engine
- Full automation and reconciliation
- Integrated within core data design
- Pooled Nominees
- Automated stock and cash reconciliation
- Comprehensive management information/exception reporting
- Advanced corporate actions and dividends functionality
- Full regulatory compliance
Accounts
Figaro provides a comprehensive accounting functionality covering; manual cash postings, display of client & non-client accounts, automated cheques and financial money sweeps, automated bank reconciliation, automated deposit interest, trial balance and management accounts, and CREST cash reconciliation.
Client Database
Figaro offers addition and amendment functions for new and existing clients; template and automatic client number allocation facility; and all standard/default data pertaining to the client database function. Multiple ‘Persons’ cross linked to Multiple Fund accounts, Multiple Fund and ‘Person’ types, full KYC requirements.
Settlement
Figaro has a comprehensive CREST settlement system. It comprises the configuration of CREST member and accounts structure; default data; CREST transaction list function; and CREST messaging, including error monitoring and task scheduler maintenance. The CREST messages generated by the contract processing programs are sent to CREST by the automated JHC task scheduler. This, in turn, retrieves the messages and Figaro Back Office processes these messages and posts to cash and stock accounts depending on the type and status of the messages received. It is configurable for multiple foreign custodians.
Portfolio
Figaro allows for the configuration of portfolio default data; automatic update of bargains to portfolio records; manual addition and amendment of new and existing portfolio transactions; portfolio display functions; printing of portfolio valuations including individual, group and diarised; and stock file management.
Tax Wrappers
Figaro provides clients the ability to trade the full range of tradable securities, stocks, funds, unit trusts, SIPPS and Tax wrappers, including ISAs, to maximise the tax efficiency of their investments. In particular, Figaro provides full support for trading in both ISAs and SIPPS.
Corporate Actions
Figaro has a diverse functionality for corporate actions, including pooled distribution management with full reconciliation. Fully integrated with CREST to provide automated reconciliation to Registrar transactions and claims, and creation of Rights Issues, Exercise Warrants and Takeover (Escrow) transactions. Full multi-currency processing linked to comprehensive Figaro international tax calculation. Enhanced dividend processing for DRIPs, SCRIPs, etc.
Workflow
A task management system that enables a Figaro process to be broken down into tasks and which facilitates an efficient and assured means of their completion. The tasks are controlled by allocation to given users, the sequence in which they must be completed, the time scale for completion, dependencies that may exist before a task can commence and conditions under which tasks may start, complete or be escalated.
Compliance
Figaro produces a comprehensive range of reports to help compliance departments manage their financial risk requirement and aged debts. Figaro can help calculate the Financial Risk Requirement.
Please get in touch with JHC today to find out how we can help your organisation through our market-leading software solutions for stockbrokers.
