Source: Mellon Financial
Mellon Financial Corporation's Investment Manager Solutions (IMS) business today announced the adoption of invoicing technology from Redi2 Technologies, Inc., that will significantly enhance IMS' billing and invoicing capabilities.
The first major custody provider to provide complete outsourcing capabilities, including securities processing and financial accounting operations, to financial service firms, IMS will incorporate the advanced features of Redi2 Technologies' Redi2 Revenue Manager(TM) solution into its operating platform. The resulting enhancements will allow Mellon to accommodate a wide variety of fee schedules and billing formats in providing billing services as part of back- and middle-office outsourcing arrangements.
"Customer billing services represent an important aspect of back- and middle-office outsourcing arrangements," says Joe Kikta, Billing Services product manager at IMS. "Redi2 Revenue Manager was especially responsive to our two most important evaluation criteria: it incorporates exceptional billing and invoicing technology, and has emerged as a preferred, flexible solution in the investment management industry."
"Redi2 Revenue Manager's ability to securely calculate fees, manage the invoice generation and approval processes, generate management reports, manage the accrual and reconciliation processes, and post fee records to client accounting systems makes it an ideal addition to Mellon's operating platform," adds Seth Johnson, chief executive officer of Redi2 Technologies. "Having our solution become part of Mellon's platform is an ideal way for us to offer the advantages of our premier fee billing and revenue management solution to investment managers looking to outsource their back- and middle-office operations."