Accenture of New York has developed a new product division called Encompys to create a new Internet-based product for fund managers, the company announced late last week.

The management and technology consultant has formed a partnership with several major financial and technology companies, including Microsoft and the Bank of New York, to develop a straight-through-processing product. Encompys could reduce the amount of time fund managers spend conducting transactions and the risk they incur from securities trading and settlement, company representatives said.

The product will provide a single location on the Web where fund managers can conduct pre-trade, trade and post-trade activities and will provide one-day trade settlement.

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