Redi2 Technologies, a leading provider of sophisticated yet simple-to-use fee billing solutions for the global financial services industry, today announced that BNY Mellon Asset Management, the investment management arm of The Bank of New York Mellon with more than $1.1 trillion in assets under management, has chosen Redi2 Revenue Manager as its internal shared billing solution.
Redi2 Revenue Manager, Redi2's flagship fee billing solution, will be hosted at Redi2's robust and reliable SAS 70 Type II certified data center. Reliability features include real-time data mirroring, geographic redundancy and multi-failover for guaranteed up-time. Additional benefits include faster time to market of automated fee billing support via the Internet to virtually unlimited user desktops.
"Having a number of our affiliates bill through an industry-leading fee billing engine will result in cost savings and cash flow improvements, while providing more efficient and accurate billing to our clients," Scott Wennerholm, BNY Mellon Asset Management's Chief Operating Officer, said. "These benefits can be fully realized by working with an experienced software specialist like Redi2."
The use of Redi2 Revenue Manager within BNY Mellon's affiliate network represents a major step forward for Redi2 by significantly expanding its relationship with BNY Mellon. Redi2 has been working with BNY Mellon Asset Servicing since 2004 and with BNY Mellon boutique Newton Investment Management since 2005.
BNY Mellon Asset Servicing chose Redi2 Revenue Manager based on positive past experience with the vendor and the software's multi-client capabilities, which allow the investment boutiques to use a single, centralized version of the application. The boutiques have the ability to configure the software to support multiple lines of business, while segregating client data as needed.
"The decision to implement Redi2 Revenue Manager within the affiliate network shows great confidence in our capabilities," said Seth Johnson, CEO of Redi2 Technologies. "The boutiques can now operate and bill efficiently, in a shared and automated environment. And Revenue Manager is scalable, so additional boutiques can easily be added as BNY Mellon continues to grow."
Redi2 Revenue Manager automates account setup and termination, revenue reconciliation, invoice generation, special adjustments and reversals. The software is flexible enough to calculate fees or commissions based on many different variables, including assets, transactions or performance. Fees can be summarized based on the household, client, account or investment on the same invoice or separate invoices--all without custom coding.