Harmonate, a data services platform for funds, has launched a full-scale deployment of its latest data operations platform for funds.
Harmonate says the platform can provide 20 per cent cost savings in year one of implementation, and 80 per cent savings in ensuing years. Harmonate has also demonstrated a capability to reduce reporting delivery timelines by more than 80 per cent.
“Harmonate now provides funds with agile yet exceptionally strong software architecture and services for data operations,” says Kevin Walkup, President and COO of Harmonate. “Our systems, and the combination of both the soft and technical skills needed to migrate organisations to data driven operations, allows the domain expertise and ideas of our clients to shine through. As data fluent investors press for more transparency, Harmonate allows the middle office to break through the limits of complex pre-digital approaches. Brilliant ideas shouldn’t go wanting for funding because investors’ demands for transparency can’t be met.”
Michael Halloran, CEO of Harmonate, says: “Nearly 70 per cent of enterprise information technology implementations fail according to research on digital transformation. We have focused on this performance gap. Harmonate is addressing the frustration fund leaders experience knowing where they want to get, but becoming overwhelmed with the process of decoupling from legacy systems that are holding them back. Our process and technology has shown funds don’t have to be held back.”
Prior to the launch, Harmonate’s services were only available exclusively through a single fund administrator. Harmonate now provides a standalone service available to all funds, fund administrators, systems integrators and funds of funds including those it already serves through its pre-launch engagements.
Harmonate is supporting the rise of new advanced fund administrators. These advanced fund administrators have developed a reputation for focusing on process efficiencies and margin enhancement, including data operations to drive business improvement. They are less likely to off-shore personnel as an alternative to efficiency gains and they enhance margins on high volume data-related activities while improving delivery timelines and accuracy.
Harmonate achieves this through automated data extraction from general ledger systems, statements and balances, providing data normalisation, creating specialised 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.
“Harmonate was developed in response to transactions that can be abnormally high velocity, complex, involve thousands of limited partners or all of the above within the EB-5 fund and Opportunity Zones fund space,” says NES Financial Executive Vice President and General Manager of Specialty Financial Administration, Reid Thomas. “Their track record of transforming traditional fund administration and fund of funds environments has driven demand for their services and we welcome the opening of their platform to a larger community.”
