Enterprise technology veteran to accelerate the data management revolution in FundsTech
Harmonate announced Richard Scheffrin’s appointment as CTO for the data management and operations company as it serves transformational fund administrators leading the global financial services reset.
Read More: Finzly Awarded “Best of Show” at FinovateWest 2020 Conference
“Richard’s experience, leading pragmatic innovation and driving long term product strategy allows businesses to seize opportunities others can’t,” said Harmonate CEO Kevin Walkup. “Richard permits us to scale to the demand for Harmonate’s products that none of us honestly could foresee at the beginning of 2020. Now, 2021 is shaping up to be the year of the CFO strategist, who leads through a better, faster grasp of the key data within their domain, and can now leverage data and insights that have been traditionally outside their role. They are moving beyond the general ledger and establishing a new financial layer to power fund success.”
Scheffrin was previously Head of Innovation Engineering for FIS, a fintech company leading the transformation of merchant digital transactions and broad implementation of digital financial products and services. He brings 25 years of software engineering and change management experience to fuel Harmonate’s continued growth.
Read More: Eventus Systems Named to Global RegTech100 List for 2021
“Harmonate and its partners are defining what fund administration will look like in the post pandemic world,” said Scheffrin. “I have always felt strongly that long-term strategy and bleeding edge technology can drive companies ahead of their competition and can set the bar by which their industry will measure success. Just as I am selective in the teams I like to work with, Harmonate is selective in its customers. Together, we’re oriented on a shared vision to lead industries into digital transformation, through Conductor and the pipeline ahead of us.”
Harmonate’s Conductor product provides proven automated data extraction from general ledger systems, statements and balances, providing data normalization, creating specialized data warehouses, and intelligently feeding client dashboards, reports and service level agreements. Outputs are also configured for internal general ledger administration, enterprise resource planning and reporting. Harmonate’s data aggregation process encompasses configuration of schedules, data sources, reference data and master data. This provides reporting on expected and actual results to support management through straightforward dashboards.
Conductor has demonstrated the full-scale capacity to reduce reporting delivery timelines by more than 80 percent, or from two weeks to 24 hours. In addition to its speed, quality, and capacity to make data more easily used in more ways, Conductor has also shown capability to provide 20 percent cost savings in year one of implementation, and 80 percent savings in ensuing years.
Read More: Kofax Transforms Accounts Payable Workflows with Intelligent Automation
