Quicklinks

NEWS & EVENTS

• Press Releases
  • Press Archives
• Press Coverage
  • Press Coverage Archives
• Events
• Webcasts
• Newsletter
• Blog

Press Release

Scivantage to Deliver Automated Account Opening Service for Direct-Purchase Mutual Fund Business

Mar 19, 2008

JERSEY CITY, N.J., March 19, 2008 - Scivantage, a leading provider of web-based, front- and middle-office technology solutions to the financial services industry, today announced that it will release a new version of its automated account opening solution. The new solution integrates with DST Systems' new account set-up interface for direct-to-fund business.

Leveraging DST's Web Services interface, Scivantage will expand the capabilities of its Automated Account Opening application to create a fully automated, web-based solution to enable real-time, straight-through processing of direct mutual fund new account opening, funding and initial trade submission. This new solution will provide real-time connectivity to major fund companies, allowing for account establishment of direct-to-fund business across multiple funds, settlement of initial purchase through ACH and electronic fulfillment of fund family applications and forms.

A core component of Scivantage's Professional platform, the Automated Account Opening application enables real-time account establishment and funding for all major brokerage back office systems and employs a proprietary decision support system to ensure proper information is gathered and validated at every phase of the account opening process.

"We are excited to fully integrate with DST's New Account Web Services interface. Our platform-independent approach and recognized innovation throughout the account opening process makes us the ideal provider to streamline and automate the direct-to-fund account opening process," said Adnane Charchour, President and CEO of Scivantage. "Through our combined solution, financial institutions can not only reduce the time and effort required to open a new direct-to-fund account, but can also put their clients' money to work faster."

Traditionally one of the most costly and cumbersome mutual fund transactions, the new account opening process utilized by most brokerage firms to establish a direct-to-fund relationship has been entirely paper-based, labor intensive and offered minimal compliance oversight. Through automating the data collection, approval, funding and submission process, broker/dealers can now reduce the overall cost on each account they open, while improving the level of customer service they provide to their clients.

Modernizing the new account opening process for the direct-to-fund business offers these immediate benefits to broker/dealers:

• Enhanced advisor productivity by offering primary and multi-custodial brokerage and direct-to-fund account opening all from one system
• Ability to manage consolidated information about an investor's total holdings across multiple fund companies
• Elimination of "not in good order" (NIGO) business and improved compliance oversight
• Expedited account opening and funding process through real-time validation and approval
• Reduced operational costs and realignment of resources to focus on higher value tasks such as customer services and complex exception handling

"Broker/dealers and advisors consistently inquire about more efficient direct-to-fund account opening opportunities," said Kyle Mallot, client services officer in charge DST's Distribution Support Services. "We are enthusiastic to work with Scivantage, a leading provider of account opening solutions. We believe direct-to-fund electronic account establishment will be the standard in the near future."