Investment Services from Fiserv, Inc., the provider of financial services technology application, releases its Message WorkFlow Manager technology. Investment Services from Fiserv, the platform provider for managed applications including Separately Managed Accounts (SMAs) and Unified Managed Accounts (UMAs), developed Message WorkFlow Manager in response to the growing demand within the industry to automate the processing of managed account data through workflow technology and messaging standards.
As always, our new products are created as a result of our clients rapidly changing needs and to stay ahead of the evolving trends in the industry, says Cheryl Nash, senior vice president of strategic marketing and business development for Investment Services, Fiserv. Our clients need a scalable solution that both enables communication and workflow across systems and meets industry standards for messaging. Message Workflow Manager is one of several key initiatives at Investment Services that give its clients the ability to access its systems through one integrated environment.
This new Message Workflow Manager platform was built using Microsoft .Net Web and Web Service technologies built on top of an Enterprise Messaging system. Message Workflow Manager can enable the managed applications industry to scale more effectively by providing an application that will take a message from anywhere, anytime and populate it to the portfolio accounting or trading platforms by Fiserv, which are utilized by the majority of the participants in Managed Accounts industry.
Message WorkFlow Manager offers industry participants straight-through processing of 12 standard messages associated with account origination and account maintenance. This centralized messaging application can provide investment managers, sponsors, custodians and other third parties with a real time, single point of data entry.
These messages are received and processed as account management functions that are associated with the lifecycle of opening and maintaining a clients managed account. The Money Management Institutes Managed Account Solutions Standards Committee studied and defined these lifecycle processes, which led to the development of the standard message definitions for the most common events occurring between industry participants. By embracing industry standards, Message WorkFlow Manager empowers users to administer their managed account business in a more efficient and scalable manner.
Because of the inefficiency in the industry, firms have been working through MMI toward improved communications and standard messaging in managed accounts for several years, says Gary Jones, president, Jones & Jones Consulting, Liaison to MMI Data Standards Initiative. The Investment Services group at Fiserv has taken a significant step toward advancing this mandate with the Message WorkFlow Manager solution. The work done to date by the MMI MASS committee on defining the industry standards is critical for continued growth in a scalable manner. The Investment Services group at Fiserv certainly understands that the adoption of these standards by industry participants will enable straight through processing of clients requests, which reduce the inefficiencies and errors that have plagued the operations of the Managed Solutions Industry.
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