Precise Financial Services are a broad range of more specific activities such as banking, investing, and insurance. Financial services are limited to the activity of financial services firms and their professionals, while financial products are the actual goods, accounts, or investments they provide.
What are the three basic financial services?. The finance field includes three main subcategories: personal finance, corporate finance, and public (government) finance. Financial services are the processes by which consumers and businesses acquire financial goods. The financial services sector is a primary driver of a nation’s economy.
Financial services refer to services provided by the banks and financial institutions in a financial system. In a broad sense, the term financial services mean mobilization and allocation of savings. Thus, it includes all activities involved in the transformation of savings into investment.
Precise Financial Services
PRECISE FINANCIAL SERVICES. is a world-class software development company. Prior to its change of corporate name in May 1998, PFS commenced operation in July 1992 under the former name – PEE-AARR CONSULTING LIMITED.
Through gaining experiences in various economic periods, our team is able to identify the best opportunities whether we are in good times or bad times. Good times provide growth in our portfolio and bad times, despite the potential negative effects, can provide opportunities.
Today; PFS’ innovative and world-class solutions are running thousands of computers, serving numerous clients both in Nigeria and in thirty-seven (37) countries in Africa and beyond. With these cutting edge environmentally friendly software technologies, PFS has over the years, successfully positioned herself as a foremost force in the financial software development space of Africa. The recent successful design, development, and deployment of the current National Automated Clearing System (NACS) for the Nigerian Government in 2017 further strengthens this position.
PFS holds, to her credit, numerous product trademarks that serve many financial and non-financial organizations, some of which include the banks, federal and state government parastatals, insurance companies, oil and gas companies, telecommunication and IT companies, stockbroking firms, bureau de change firms, manufacturing companies, airlines, hotels, health management organizations, logistics firms, among others.
We work with many partners to deliver financial software services to our teeming clients. Our partners include Microsoft Corporation, IBM, SAP, Ernst Reiner Gmbh & Co. KG, Germany, Art of Africa, and International Marketing Partners. Ostensibly, we have been severally recognized on various fronts in the software development and financial services space. The company is a member of the Presidential Initiative for developing the software industry in Nigeria and a member of the CBN working group on Automated Clearing House and Cheque Truncation.
It was celebrated recently by the prestigious Cfi.co Award in London as the Winner of the Best Banking Solutions Team in West Africa. The 4th IT Edge West Africa Convergence Forum also honored the software house as the Innovative Leader in Financial Software Solution and as the 4th of the top 50 West African IT companies. PFS was also the winner of BoICT Award as the 2013 Indigenous Software Company of the Year; Africa Innovation Awards 2014 winner as the Financial Software Solution Provider of the Year; International Business Star, Accra, Quality Awards 2014 winner as Best Software Company in Africa 2013 for software development excellence and sterling support services.
Thus far we are still embarking on our mission to help our customers break barriers and change their status quo by providing simple solutions to their complex problems using proven technologies.
Precise Financial Services Applications Provision
The development of financial applications is our forte. From conception to design, development, and implementation, Precise Financial Systems delivers off the shelf and custom-built solutions to our teeming customers in various business areas and services:
Accounts Reconciliation & Settlements
For more than 27 years we have consistently evolved as a leading provider of advisory services and solutions for the complete spectrum of accounts reconciliation functions for many sectors of business practices. We have championed the development of what is today known as the three-way reconciliation model for ATM and other EFT products in the Nigerian financial sector.
We have similarly developed custom reconciliation models for the Insurance businesses, Microfinance Banks, Manufacturing sector, Pension industry, Logistics businesses, and other sectors.
Our accounts reconciliation and settlement solutions are currently powering businesses in more than 37 countries in Africa and beyond.
Cheque Processing, Truncation, and Clearing
In Nigeria, Precise Financial Systems is at the vanguard of cheque innovations. Besides birthing the cheque truncation revolution in the country that saw the extinction of costly use of reader sorter machines and physical exchange of cheques by banks and the adoption of portable transport scanning technology for cheque truncation and clearing.
The company is known for the design and deployment of the award-winning National Automated Clearing Systems (NACS) of the country. This is the only national clearing solution for all clearing banks in Nigeria. The ambition of the company is to provide a 360 degrees range of cheque services and solutions.
National Payment Switching Technologies
We facilitate the national payment switching technologies through the ability to participate banks to embed Dynamic Link Library (DLL) file at each participating banks’ payment solution which will interface with our Session-less Central Clearing House as a result of a central web-based architecture with in-memory data structures transmission capabilities that exchange clearing instrument data 24/7 for an investment with high returns.
We currently power the Automated Clearing House (ACH) and the Nigeria Electronic Fund Transfers (NEFT) switch for Nigeria through the Nigeria Interbank Settlement System (NIBSS).
Multi-Channels Payment Processing and Workflow Automation
Business payment processing systems have experienced great transformation in recent times. Multichannel processing and multi-bank accounts management, as well as payments workflow automation, have evolved immensely.
Digitalization of the payment workflows and processes has greatly impacted and simplified payment experiences for businesses, but what we have not so much seen in the various trends of developments in the industry is the ability of businesses to access a consolidated view of all their internal payments activities across multiple payment channels with various banks from a single platform.
This limitation has the potential of constraining companies’ monitoring over their cash flows and liquidity position for optimum decision making.
Core Accounting and Finance Technologies
In answer to the industry’s yearning for readily customizable core accounting and finance solutions that are multi-sectorial in outlook with a multi-level general ledger system, Precise Financial Systems provides businesses with solutions to a myriad of challenges they face in their daily operations.
Types Of Financial Service
The term “financial services” comprises many different things. There are a plethora of opportunities in the financial sector for candidates to find the right fit. From banking to investments and beyond, the options are vast and varied.
So if you are considering a career in financial services, you first need to get an idea of the industry’s scope in order to decide which path best suits you and your skills.
Here are the main 3 types of financial services for you to consider:
1. Banking Services
The banking industry is the foundation of the financial services group. It is most concerned with direct saving and lending, while the financial services sector incorporates investments, insurance, the redistribution of risk, and other financial activities. Banking services are provided by large commercial banks, community banks, credit unions, and other entities.
Banks earn revenue primarily on the difference in the interest rates charged for credit accounts and the rates paid to depositors. Financial services like these primarily earn revenue through fees, commissions, and other methods like the spread of interest rates between loans and deposits.
Banking includes handing deposits into checking and savings accounts, as well as lending money to customers. About 10% of the money deposited into banks must stay on hand, as dictated by the Federal Deposit Insurance Corporation’s (FDIC) reserve requirement. The other 90% is available for loans. Some of the interest the bank earns from these loans is given to the customers who have deposited money into the bank.
This branch of financial services helps both people and organizations with a variety of tasks. Financial advisors can help with due diligence on investments, provide valuation services for businesses, aid in real estate endeavors, and more. In each case, advisors help to guide people in the right direction when making financial decisions.
In our profession, the term “advisory services” is used frequently, but there is little consensus about what it actually means. When we ask multi-service firms which advisory services they offer, the spectrum of responses is incredibly broad and often overlaps with traditional compliance services.
The AICPA defines advisory services as those services where the practitioner “develops findings, conclusions, and recommendations for client consideration and decision making.” AICPA further provides examples of advisory services that include “an operational review and improvement study, analysis of an accounting system, assistance with strategic planning, and definition of requirements for an information system.” This is helpful, but this definition feels more formal and narrower than how practitioners describe advisory services in their firms.
Compliance and advisory services are interdependent — advisory services require a foundation of current, accurate books to provide actionable insights. While the suite of compliance services is constant across firms, the offering of advisory services tends to be personalize for each firm. Without a clear line of demarcation between services, some firms deliver advisory services while getting paid for compliance work.
3. Banking segments
Banking is made up of several segments—retail banking, commercial banking, and investment banking. Also known as consumer or personal banking, retail banking serves consumers rather than corporations. These banks offer financial services tailored to individuals, including checking and savings accounts, mortgages, loans, and credit cards, as well as certain investment services.
Corporate, commercial, or business banking, on the other hand, deals with small businesses and large corporations. Like retail banking, it provides account services and credit products that are tailored to the specific needs of businesses.
An investment bank typically only works with deal makers and high-net-worth individuals (HNWIs)—not the general public. These banks underwrite deals, secure access to capital markets, offer wealth management and tax advice, advise companies on mergers and acquisitions (M&A), and facilitate the buying and selling of stocks and bonds. Financial advisors and discount brokerages also occupy this niche.
However, we hope we have provided some Precise Financial Services, we list and describe some of them. Moreover, there are still more of them which you can find Here
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
Either way, let me know by leaving a comment below!
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