Bonaire Software Solutions, LLC (Bonaire), a leading provider of revenue and expense management and accounting software and services solutions to the asset management industry, has been selected to provide software technology services to Boston Financial's Intermediary Payment Administration offering.
The new offering will enhance the services that Boston Financial currently provides to mutual fund clients as part of its Financial Intermediary Administration (FIA) Solutions.
The relationship will provide Boston Financial with the ability to automate and simplify the fee calculations and invoice validation of payments made to financial intermediaries by their clients within a full service solution. Bonaire's REVPORT revenue and expense management software package automates the calculation of distribution fee billing and the invoice reconciliation process for mutual funds and their distributors or financial intermediaries.
Boston Financial's key considerations in choosing a software provider were based on flexibility, accuracy and scalability. With increasing regulatory pressure to provide fee transparency, the firm sought a flexible and scalable solution that would support regulatory compliance as well as future geographic expansion.
"Greater complexity of product offerings within the mutual fund business logically extends to fee calculations and invoice reconciliation," said Boston Financial Division Vice President, Michael McNeill. "Rapid account growth and invoice reconciliation issues with mutual funds necessitate a solution, such as that offered by Boston Financial and Bonaire, to streamline manually intensive and higher risk processes."
REVPORT automates the invoice reconciliation process working in conjunction with Boston Financial's secure data feeds. Upon processing the data, the system automatically generates validation and approval functionality and financial control and management reports for additional trending and analysis purposes.
"To be partnering with such a prestigious firm as Boston Financial is a testament to the Bonaire value proposition and the benefits our products can bring to the mutual fund clients of Boston Financial," comments Christopher John, CEO of Bonaire. "Our REVPORT software will ensuree that our clients can efficiently and accurately calculate fees and reconcile invoices, and do it at a lower cost than the existing systems they have in place. Coupled with the reputation and service excellence of Boston Financial, this solution becomes a very unique and dynamic opportunity for the industry