Cognizant has acquired Ireland-based Meritsoft, a provider of claim, tax and regulatory management services.
The companies have previously worked together with integrated solutions which use Meritsoft’s FINBOS platform and Cognizant’s managed services and digital operation capabilities.
Meritsoft provides financial institutions with a selection of tools for Central Securities Depositories Regulation (CSDR) compliance, claim management, transaction tax, and revenue and expense management. Its FINBOS encompasses post-trade processing, an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions.
CSDR is an EU directive which implemented rules on the authorisation and supervision of EU Central Security Depositories.
The platform helps companies to automate and manage their penalty and buy-in compliance, lowering the costs and simplifying the processing of identification, management and calculation of failed trades and the associated penalties. Some of the tools the platform uses are CSDR charges confirmation based on monthly returns, capture audit trails, automate client statements and communications, calculate penalties, and forecast buy-in requirements, among many others,
By joining Cognizant, Meritsoft is hoping to accelerate the growth of its platform and furthering the development of its solution.
Cognizant Accelerator president Sean Middleton said, “Increased compliance and regulatory obligations, focus on operational efficiency, and a range of new digital technologies are among the forces that have led many of the world’s leading financial institutions to automate processes using Meritsoft and its FINBOS platform.
“Banking and financial services is one of the largest industries that Cognizant serves. Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era.”
Cognizant provides industries such as the banking and financial services, insurance, healthcare, and retail industries, with an array of technology solutions to reinvent their online operations and business models.