SunGard Investor Accounting Systems has added multi-currency transaction processing capabilities to its Investar*ONE mutual fund processing solution. The first customer is BISYS.
Multi-currency processing allows for transparent conversion of buy/sell transactions between the fund’s base currency and the investor’s native currency. In addition, it facilitates the cross-border use of such services as automatic investment programs that deduct funds from an investor’s bank account.
According to Ken Kempf, president, SunGard Investor Accounting Systems, mutual fund accounting, “Today’s mutual fund companies are looking to expand on a global basis, attracting customers from such promising markets as Europe, Asia, and Latin America. Investar*ONE now simplifies this expansion by making mutual fund products currency-neutral to individual and institutional investors. At the same time, it minimizes the costs and risks associated with currency exchanges.”
With the new capabilities of Investar*ONE, Kempf adds, “Fund companies can accept buy and sell orders in virtually any currency, and automatically lock in a price based on the current foreign exchange rate. From there, the transaction can move seamlessly to the fund’s accounts payable or accounts receivable, whether it originated from the NSCC (National Securities Clearing Corporation) or another automated distribution channel. In the past, this process was completed manually, resulting in higher administrative costs, longer transaction processing times, and currency-related risks.”
The multi-currency processing capabilities of Investar*ONE are being implemented in cooperation with BISYS , the fund management outsourcing group. BISYS has used Investar*ONE for non-U.S. mutual fund processing since 1998. According to Mark Ippolito, vice president of BISYS, Shareholder Services Europe, “We are pleased to participate in this project, which combines SunGard’s outstanding processing platform, Investar*ONE, without own strengths in global transfer agency services. We believe it will find wide acceptance with mutual fund sponsors around the world.”
Multi-currency processing is available immediately to all current and future users of Investar*ONE, with one-step, turnkey activation.