BISYS Fund Services (BISYS) is launching an application that integrates the SunGard Transaction Network (STN) technology into its full-service compliance and oversight offering.
The BISYS 22c-2 Solution is an all-inclusive outsourcing service to help mutual fund companies with SEC Rule 22c-2 compliance and administration. BISYS’ says that the service application will include independent direct and/or omnibus account market-timing monitoring, compliance oversight, and proactive measures to help monitor and deter market timing.
SunGard’s STN technology platform provides BISYS with secure connectivity, data warehousing, data monitoring, an analytics engine, reporting capabilities, and administration tools. BISYS will integrate the STN solution with its service and compliance expertise, including the initiation of request-for-trade detail, monitoring and tracking of requests, data analysis, and comprehensive client support. In addition SunGard will continue to distribute its 22c-2 application on an application service provider (ASP) basis to both fund companies and financial intermediaries.
“SunGard’s STN trade automation services and secure connectivity model make it one of the most capable technology providers to handle the intricacies of Rule 22c-2 monitoring and compliance,” says Fred Naddaff, the president of BISYS Fund Services. “By adding SunGard’s best-in-breed STN technology component to BISYS’ 22c-2 services, we have created the most powerful end-to-end full-service offering.”
“SunGard has been working closely with BISYS during the past few months to help it create an all-inclusive solution for Rule 22c-2 compliance outsourcing,” adds Bob Ward, the chief operating officer of SunGard’s STN business unit. “By combining STN’s technology with its own service expertise, BISYS is able to provide fund companies with a completely outsourced compliance service for monitoring market timing and assessing short-term redemption fees. This offering will help bring greater efficiency and transparency to fund trading activities and ultimately help protect individual investors from frequent trading abuses.”