Scivantage Launches Maxit® RDS Tax Lot Data Store for Increased Data Access

New offering provides an onsite database of real-time cost basis data

JERSEY CITY, NJ — April 30, 2013Scivantage®, an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting and wealth management applications, announced today the availability of Maxit® RDS, providing firms with unlimited access to real-time Maxit data that is optimized and formatted to meet clients’ specific tax lot data needs.

A premium add-on service available as part of Maxit Data Delivery Services, RDS is a fully supported, replicated data warehouse that is designed to significantly reduce manual processes and to eliminate the need for ongoing reconciliation between the Maxit database and internal client systems. Tax lot data in RDS accurately updates and reconciles dynamically, allowing clients direct access to the information they need to power internal and external services, such as client reporting, statements, management dashboards, reference and other operational processes.

“Cost basis data is really quite powerful. It is the most granular transactional information available and, when used properly, it provides the foundation for significant improvements in the client experience,” said Job Dennison, Vice President Investment Reporting at Scivantage. “Maxit RDS refines cost basis data in real-time and puts it in an easy-to-use, easy-to-access format that can be tapped by a firm’s downstream systems and applications. We’re now starting to move beyond compliance and are seeing the value cost basis can add for retail investors and professional advisors.”

With RDS, Maxit clients can now have direct access to their database, which expands their ability to independently use the tax lot data as needed to support internal goals and objectives, potentially resulting in considerable time and cost savings.

Scivantage Maxit is a fully automated, real-time solution that provides accurate, adjusted cost basis reporting through a highly configurable platform. Maxit enables broker-dealers, mutual funds, custodians and prime brokers to streamline tax and portfolio reporting and deliver a superior client experience, while reducing operational costs. Developed by experts in the tax compliance and cost basis software field, Maxit is designed to deliver a full range of tools to help clients track capital gains, generate IRS Schedule D for tax filing and improve investment tax decisions.

About Scivantage

Scivantage is an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting, and wealth management applications that automate and integrate key business practices for broker-dealers, mutual funds, custodians and prime brokers. From trade order processing and account management to comprehensive cost basis reporting and automated account opening, maintenance and funding, Scivantage’s back-office independent solutions enable financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity. For more information, please visit or contact us at +1.866.724.8268.

Enabling Financial Transactions.  Automate.Connect.Transact.

Posted in Press Release.