SAN JOSE, Calif., Dec. 3, 2020 /PRNewswire/ -- 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.
"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.
"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.
Harmonate is a data services platform for funds that frees operations from the limits of legacy systems and closes the information gap between fund managers and investors, as well as between funds and the public sector. The company's purpose-built solutions streamline middle office processes — simplify complex, high velocity transactions, and help ensure security and regulatory compliance through each step of a fund's life cycle.
With its proprietary fundstech platform and leveraging more than 15 years of specialty financial administration leadership, Harmonate is helping define best practices in each of the markets it has supported. For more information, please visit harmonate.com.
Media Contact: Chris Gale at 203-570-4681 and [email protected]