Redi2 Technologies partners with Electra Information Systems to develop a data aggregation service to support automated fee processing.
Redi2 Technologies, a provider of fee billing systems for the global financial services industry, has announced a new custodian data aggregation service, RecCollect Redi2Connect, jointly developed with Electra Information Systems, a provider of data aggregation, account reconciliation, trade automation and settlements solutions.
The new service enables Redi2 clients to receive consolidated data, such as market values, contributions and withdrawals, from custodians in a single file that is then imported directly into Redi2 Revenue Manager. Because the aggregated custodian data is preformatted for Redi2 Revenue Manager, users can calculate fees and generate invoices or direct debit feeds quickly and more efficiently, without manual intervention or data entry.
"With this alliance, Redi2 clients can streamline the steps needed to achieve accurate and centralized billing when aggregating data from multiple custodians in various formats," says Redi2 Technologies Chief Executive Officer Seth Johnson.
"We are confident that Electra's unsurpassed quality, timeliness and secure data delivery will help clients meet this objective." "One of the challenges organizations face in implementing world-class systems is integrating them," says Electra Information Systems Managing Director Ian Danic. "Redi2 brings to the table its expertise in sophisticated fee and revenue management processing and Electra provides data aggregation and transformation from virtually all custodians."
Redi2 Revenue Manager automates account setup and termination, invoice generation, fee/payment reconciliation as well as adjustments and reversals. Redi2's award-winning fee billing software helps global financial firms streamline operations and improve cash flow, reduce processing costs, enhance client service and meet increasingly rigorous regulatory and compliance obligations.