SunGard has released a new version of Asset Arena InvestOne, a global accounting solution for asset managers, custodian banks and third party administrators.
The new release helps firms comply with new regulations, provides support for new geographies, and helps improve accounting functions. SunGard has also added scalability to its data center processing environments that provide on-demand computing capacity to help meet customers' growing requirements. SunGard's proprietary Cloud technology* currently supports nearly 75% of Asset Arena InvestOne customers.
The new enhancements help firms effectively manage regulations like the International Financial Reporting Standards (IFRS), which is demanding stronger control over accounting practices and policies. In a prior release of the system, SunGard introduced the concept of MultiView accounting, building upon the widely implemented investment book functionality (IBOR/ABOR from a single set of records). This allows users to define unique sets of accounting rules to create multi-basis views of the portfolio. These views are updated concurrently with a single market trade. New features for MultiView support different geographies, regulations and tax bases. The enhancements help SunGard customers expand the services and products they offer in multiple geographies.
The increasing globalization of the financial industry demands that organizations fulfill operational requirements specific to their region. Asset Arena InvestOne now helps firms better optimize workflows, speed processing, simplify maintenance, and increase integration on both a local and global scale. The release also introduces the first phase of enhancements to support Australian fund processing as well as many new tax computation features.
Bill Fearnley, Jr., senior analyst, Celent, said, "Financial institutions of all kinds are looking to the cloud to help lower their total cost of ownership, get access to scalable capacity and expand operational capabilities. As more firms seek to reap the benefits of migrating to the cloud, it is important that cloud providers continue investing in ttheir technology to enhance and evolve the scope of their capabilities and offerings."
"The new release of SunGard's Asset Arena InvestOne is the result of strong communication and collaboration between SunGard's product team, customers and the industry," said Gail Schulman, chief operating officer of SunGard's Asset Arena InvestOne business unit. "The enhancements help customers operate more efficiently, adapt to new requirements and navigate regulatory shifts without disruption to their core business."