BISYS WealthSolutions, which provides outsourcing applications to asset managers and program sponsors, and Bonaire Software Solutions, LLC, a software developer for the financial services industry, have formed an alliance.
The partnership will 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 some say 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-adviser 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 of 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.”