BISYS WealthSolutions, a provider of managed account outsourcing services for US asset managers and program sponsors, and Bonaire Software Solutions, LLC, a global developer of software and technology solutions for the financial services industry, have announced a strategic alliance.
The alliance is expected to provide current and prospective BISYS clients with a web-based portal for automated online fee calculations for tracking revenue streams and invoicing managed account clients.
The multi-currency, multi-lingual REVPORT creates compliance-driven audit trails further eliminating manual processes, which are labor intensive and error prone. BISYS' managed account clients will be able to automatically calculate a variety of fees, including foreign currency, 12b-1, asset management, wrap, and performance. Sub-advisor payouts and commissions associated with accounts and portfolios are also automatically computed.
'We are excited to be fully integrating REVPORT into our WealthSolutions platform,' said Joseph Mrak, senior vice president and general manager, BISYS WealthSolutions. 'Within the managed account industry, billing and fee calculations are notoriously complex and time consuming tasks. The advent of the UMA (unified managed account) and UMH (unified managed household) coupled with the additional fee-split requirements, has sent firms seeking automated solutions. Unfortunately, few affordable full-service offerings exist. Our alliance with Bonaire takes the billing process to a new level and underscores our commitment to put the marketplace's best technologies and services to work for our clients.'
REVPORT accepts data feeds from clients' record keeping platforms, performs complex calculations, and then posts the fees to the general ledger. Upon processing the data, the system automatically generates invoices as well as audit, financial control, and management reports. BISYS' WealthSolutions clients will have the flexibility to utilize the managed accounts outsourcing expertise within BISYS or manage their billing tasks themselves through the hosted solution.
'By partnering with BISYS WealthSolutions, an innovator and major provider in the managed account space, we have the opportunity to introduce our software solutions to a financial market that is increasingly faced with more complicated fee and revenue management processes. We believe that REVPORT's proven ability to address these issues in a cost-effective manner will generate considerable interest and demand,' said John Bosley, chief operating officer, Bonaire Software Solutions, LLC.