Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Schroders, a global asset management company with £113.3 billion under management, will roll out version 6 of its Advantage Fee client billing and revenue management solution globally.
An Advantage Fee customer since 2002, the upgrade strengthens Schroders local support and scalability of its network, billing for 19 countries from its centralized billing hub located in London. Fiserv will be demonstrating Advantage Fee at Sibos in Hong Kong Sept. 14-18, 2009 in booth # 3C03.
Schroders already has the flexibility to manage complex fee calculations, billing classes and specific client requirements and will now benefit from increased configurability, allowing for customization of billing processes at the local level. Administrators will also be able to adjust access and segregate duties for individual teams, improving its security and productivity.
"We've developed a strong global billing network around Advantage Fee's ability to handle multiple billing mandates and maximize revenues through transparent invoicing that our clients easily understand," said John Ibbotson, Head of Finance Operations, Schroders. "By further extending our relationship with Fiserv, we have the flexibility to meet the needs of clients in different regions and rapidly expand to new sites as opportunities arise."
Schroders will move its global billing network to a web-based model. It will oversee revenue management for every region from its central hub in London, with staff from the other 13 billing offices, including Singapore, Bermuda and Switzerland, reviewing and authorizing invoices. The web-based model will streamline global approvals and allow rapid deployment of the solution to new sites.
"As financial services clients look for economies of scale, having a single solution that can meet global billing needs is essential," said Geoff Harries, vice president, product strategy, Investment Services from Fiserv. "The scale of this deployment is testament to the capabilities of Advantage Fee in addressing the diverse needs of Schroders' international client base. The increased flexibility and local capabilities will enable Schroders to enhance customer support while maintaining seamless operations across its billing network."
Advantage Fee from Fiserv is an example of the company's core competency in processing services. Using Advantage Fee, Schroders can track every step of the billing process, accelerating investigations and increasing transparency in client invoicing. These audit capabilities can also be easily configured to specific users, reducing the need for IT resource.