Source: Redi2 Technologies
Redi2 Technologies, a leading provider of sophisticated yet simple-to-use fee billing solutions for the global financial services industry, today announced that it has joined DTCC's (Depository Trust & Clearing Corporation) new Managed Accounts Service.
This service will provide a centralized platform to streamline communications between sponsors and asset managers. Scheduled to go live later this year, the service will reduce risk and costs for asset managers while enhancing and improving the accuracy of processing for sponsors and their clients.
Redi2 joins a select but growing list of service providers linking to DTCC's platform, which will help standardize the managed accounts processing lifecycle from account opening to fee billing and revenue management. Redi2 is now working in DTCC's test environment to develop adaptors that enable clients to plug directly into DTCC's Managed Account Service.
"Leveraging our global client base will speed DTCC's time to market while giving our clients cost-efficient access to a vast managed accounts network," notes Seth Johnson, CEO of Redi2 Technologies. "This standards-based platform will further benefit market participants by promoting straight-through processing for fee reconciliation in this rapidly growing segment of the global financial industry."
Redi2 clients will have the option of accessing DTCC's Managed Accounts Service without having to build connectivity themselves. DTCC announced plans to develop the service in September 2006, and charter users include two Citigroup divisions: Smith Barney Consulting Group and Global Transaction Services (GTS).
"We are pleased that Redi2 is joining this initiative to foster standardization through the connectivity they provide as one of the leading vendors in this market segment," says Ann Bergin, general manager and managing director of DTCC's Wealth Management Services. "We look forward to welcoming additional participants to help drive momentum for this cooperative industry effort."
Redi2 president and chief operating officer Fermin Garcia will be addressing managed accounts standardization as a panelist at "Managed Accounts Solutions: Moving Forward with MMI Data Standards and the DTCC Platform" in New New York on Wednesday, June 27.